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May 5, 2009

Key to Powerball-winning sanity: Anonymity

The 82-year old winner of the $144 million Powerball lottery jackpot shunned the press conference and sent his lawyer intstead. From today's WP:

Helium-filled balloons bobbed in the air at the Frank D. Reeves Center on U Street NW. Icing on a sheet cake exclaimed: CONGRATULATIONS TO THE D.C. LOTTERY'S $144 MILLION POWERBALL JACKPOT WINNER! Gift bags were filled with small favors, all with the lottery's logo.

But the winner kept his distance. He dispatched his attorney instead, choosing to remain out of the public eye.

The attorney, David Wilmot, did little to enlighten things. He offered a thumbnail sketch of the winner, an 82-year-old widower from Southeast Washington with 10 children and 47 grandchildren and great-grandchildren. He is a lifelong District resident who "works in his community," Wilmot said.

In addition, Wilmot said, the winner hoped to be able to maintain his privacy, keep from being overwhelmed by publicity and go on with a normal life. "He wants to remain anonymous," Wilmot said. "I have to respect his wishes about privacy."

I don't know why every lottery winner doesn't do this. This guy set up a limited liability corporation, named Wilmot as the agent and never has to see his name in the papers. He can sit back and dispose of his money the way he likes. He'll be free of wheedling friends, lamprey relatives and importuning strangers. If he can keep his mouth shut and disguise the Lamborghini in the driveway, that is.

Posted by Jay Hancock at 10:02 AM | | Comments (2)
Categories: Personal Finance
        

Comments

I've often thought of how I would lay low if I were to win a large jackpot, but an LLC never occurred to me. Fabulous idea and many kudos to this gentleman, who is clearly still sharp as a tack.

That's great for people who live in Washington or most other states. Here in Minnesota, only individuals can claim prizes (no corps or llc's) and your name and city become public record.

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.
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