Retired steel worker opts for $40 million cash option
A retired steelworker is the recipient of the Indiana Lottery's infamous jackpot, which has been mysteriously building over a period of more than a year. Hoosier Lotto is typically won about a half-dozen times per year.
The family's rush to confirm their winning $54.5 million Hoosier Lotto ticket caused a brief scare before they all realized the good news.
Peter Gilbert, 62, East Chicago, appeared at Hoosier Lottery headquarters in Indianapolis yesterday to claim his winnings.
Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes.
With Gilbert were his wife, Ann, and son, Tony Gilbert, a detective with the East Chicago Police Department.
The drawing was Wednesday. Tony said his mother called the next day and told him to come to their house right away.
"I jumped in my car and I'm flying over there," he recalled today. "I was actually thinking something had happened to my dad, because my dad's health hasn't been that good."
He was about halfway there when he called his mother to see if they had gone to a hospital emergency room.
"'No,'" she said. "'It's good news. Hurry up and get over here.'"
The younger Gilbert arrived at his parent's house, where they had him double-check the numbers.
"I looked at the ticket forward and backward, and I said, 'We're rich now.'"
Tony Gilbert plans to quit his job with the police department and join his parents on several trips. Las Vegas is their first stop, the family said. They've also talked about Hawaii and Jamaica.
Peter Gilbert bought the ticket at a Mobil gas station on Columbus Drive in East Chicago. Like other grandparents, he used his grandchildren's ages to pick some of the numbers.
One other number on the ticket meant something special, Gilbert said — the age of his pit bull, Caesar.
Fast facts: Hoosier Lotto
The winning numbers for the Nov. 7 Lotto jackpot were 8, 15, 16, 17, 35, 39.
It was the first Hoosier Lotto jackpot hit since Oct. 21, 2006.
The $54.5 million pot broke the previous record jackpot of $42 million.
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Congratulations to that guy. He's a retired steelworker; probably worked very hard most of his life. I hope he can rest and play golf every day. I also hope his family doesn't screw him over the money.
"and son, Tony Gilbert, a detective with the East Chicago Police Department." - I don't think many people will bother them.
"Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes." - Pretty high for cash value. Must be a typo.
"Las Vegas is their first stop, the family said" - No! No! Should be last stop.
Quote: Originally posted by Bradly_60 on Nov 15, 2007
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Brad
With over one year before it has been won there could be a couple reasons.
The jackpot pool money could have been put into an interest bearing account after each draw until the jackpot is won.
Could be there was not much lower tier prize money paid out and that money was added to the next jackpot pool.
Quote: Originally posted by Bradly_60 on Nov 15, 2007
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Brad
Maybe they don't buy an annuity but just put the money an a saving account that pays 3% API and write yearly checks until it all gone.
Or maybe they do buy regular annuities, but they are only obligated to pay out the advertised jackpot amounts so they also make some additional profit off the investments.
From the Indiana Lottery web site; the article's cash option estimate must have been an error:
Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.
And i thought Black people didn't win lotteries...lol...What i am trying to say is that for years i've been waiting to see a Black person win multi-millions in the lottery...Is always our Caucasians counterparts winning...And like how Blacks are becoming the shrinking minority in the U.S....
Congratulations on your Winnings ! Las Vegas need to be your last stop. please dont spend it all one place. Bring some to Freeport, Grand Bahama island!
WTG on your win!!!!
Can anyone tell me why the cash option was so high? I mean it is almost 75% of the annuity value. Does the Hoosier Lotto have a very short annuity or what is the difference between this one and all the other ones. I mean interest rates aren't that low.
Brad
Congratulations to that guy. He's a retired steelworker; probably worked very hard most of his life. I hope he can rest and play golf every day. I also hope his family doesn't screw him over the money.
"and son, Tony Gilbert, a detective with the East Chicago Police Department." - I don't think many people will bother them.
"Gilbert said he would take the cash option instead of annual payments, meaning he will receive $40.4 million before taxes." - Pretty high for cash value. Must be a typo.
"Las Vegas is their first stop, the family said" - No! No! Should be last stop.
I like his system, grand children ages and the age of his dog, although he seems young to have grand children of ages 35 and 39.
With over one year before it has been won there could be a couple reasons.
The jackpot pool money could have been put into an interest bearing account after each draw until the jackpot is won.
Could be there was not much lower tier prize money paid out and that money was added to the next jackpot pool.
Maybe they don't buy an annuity but just put the money an a saving account that pays 3% API and write yearly checks until it all gone.
Or maybe they do buy regular annuities, but they are only obligated to pay out the advertised jackpot amounts so they also make some additional profit off the investments.
Congratulations to the Gilberts
WTG!!!
congratulations to these winners. they look very happy
Like other grandparents, he used his grandchildren's ages to pick some of the numbers.
The 35 & 39 are the ages of the son & daughter-in-law.
" "I was actually thinking something had happened to my dad, because my dad's health hasn't been that good."
Couldn't have come at a better time for them! Congratulations to the Gilberts!
From the Indiana Lottery web site; the article's cash option estimate must have been an error:
Q. What is the difference between the cash option and the annuity option in the Hoosier Lotto game? A. The Hoosier Lottery advertises the estimated annuity jackpot. If you win, this jackpot amount is paid in equal annual payments over 30 years. However, within sixty (60) days of the drawing, the winner may elect to receive a cash option prize paid in one lump sum. The cash option will be approximately 40%-50% of the total annuity jackpot.
Congratulations to the Gilberts...
And i thought Black people didn't win lotteries...lol...What i am trying to say is that for years i've been waiting to see a Black person win multi-millions in the lottery...Is always our Caucasians counterparts winning...And like how Blacks are becoming the shrinking minority in the U.S....
Congratulations on your Winnings ! Las Vegas need to be your last stop. please dont spend it all one place. Bring some to Freeport, Grand Bahama island!