Store owner who sold record-breaking $2.04 billion lottery ticket wins $1 million prize
Topics: News, Money, World News
Charisa Bossinakis
Featured Image Credit: AP
Topics: News, Money, World News
The owner of the store that sold the record-breaking USD $2.04 billion (AUD $3.1b or £1.1b) Powerball lottery prize, has won USD $1 million (AUD $1.5m or £866,955).
The Daily Mail reported that yesterday (Tuesday, November 8), Joe's Service Center owner, Joe Chahayed, was all smiles as he received the cheque as a bonus prize from Powerball.
“We are excited,” he said at a press conference with California Lottery.
“I'll share it with family, with whatever is needed, with my kids, my grandchildren. I have 11 grandchildren and I'll share with them.”
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His son added: “No one else deserves it more than this man.
“He's worked hard his whole life and he deserves every bit of it.”
The winning ticket - 10, 33, 41, 47, 56, and Powerball 10, was sold at Chahayed’s store in Altadena, California.
While officials have not released the identity of the newly minted billionaire, the store owner believes it ended up in the hands of a local.
Chahayed said he is ‘excited’ by the idea of a resident winning the record-breaking Powerball.
He told the Pasadena Star News: “[It is a] very poor neighborhood...It's a very poor neighborhood. From the bottom of my heart, I hoped somebody would win...they deserve it.
“The poor people deserve it.”
According to the Los Angeles Daily News, although he’s received a huge sum of money, Chahayed won’t retire anytime soon.
“I love my work,” he said.
Under California law, winners can receive the money through a lump sum or can collect reduced payments over 30 years.
However, according to California Lottery spokeswoman Cathy Johnston, the best option is to take a lump sum, as per the Los Angeles Daily News.
“It’s great [for winners] to get a financial adviser, especially with a jackpot this big, and find an attorney, a tax person, an investment firm,” she said.
“We absolutely...hope people do that."
She continued: “This is life-changing. It could make a world of difference for generations.”
This is some solid advice considering that many who win the Powerball tend not to stay in the one per cent for too long.
Economist Jay L. Zagorsk told CNBC: “Studies found that instead of getting people out of financial trouble, winning the lottery got people into more trouble, since bankruptcy rates soared for lottery winners three to five years after winning.”