Mar 13, 2017, 4:36 pm
Winner takes home $189 million lump sum cash payout after taxes
By Todd Northrop
At an afternoon press conference, the Hoosier Lottery announced that a Lafayette man claimed a $435.3 million Powerball jackpot that was drawn in February.
The lucky winner used an allowance in Indiana law that permits a jackpot winner to claim the prize through a Limited Liability Corporation (LLC), which shields the winner's identity from the public.
The winning ticket in the $435.3 million Powerball drawing was was purchased at the Super Test, 1600 block of Sagamore Parkway South, Lafayette, Indiana. One ticket matched all five numbers plus the Powerball number in the Feb. 22, 2017, drawing.
The winning numbers were 10, 13, 28, 52, and 61, with Powerball number 2.
The massive annuity jackpot is the seventh largest in the history of the Powerball game, and overall the 10th-largest lottery jackpot of any game in US lottery history.
The lump-sum cash value of $263.5 million also notched the same 7th- and 10th-place rankings in the historical record.
It's not the largest lottery jackpot ever claimed in Indiana. Last year a $536 million Mega Millions jackpot from the July 8, 2016, drawing was claimed by an Indiana family who also utilized the state's provision for remaining anonymous. (See Indiana family claims $536 million Mega Millions lottery jackpot, Lottery Post, July 29, 2016.)
Indiana leads the nation in Powerball jackpot wins with 39.
The winner, who was described as a middle-aged man from Lafayette, opted to take the lump-sum cash option rather than 30 installments over 29 years. The lump-sum payout is the on-hand cash the lottery would have invested in order to achieve the annuity $435.3 million payout after the 30 annually-increasing installments were paid out.
After the initial taxes were withheld, the man accepted a check for $189 million.
"Once he saw the numbers matched, he couldn't sleep," said a representative of the LLC the winner set up. "He tried calling his brother later that morning, but he didn't answer. He then called his dad, who joked, 'I thought you were calling to say that you won the lottery?' to which the winner replied, 'Maybe I did!'"
The winner plans to use the money for his family's education, to further his own education and more. He also plans to make donations to charity.
"The winner is very family oriented and close to his siblings and parents," said the representative. "He plans to give some money to family, to help family members pay for their education, and maybe earn an advanced degree himself. He anticipates making donations to charity, but he has made no decisions at this time. He's excited to travel to see family, and is thinking about buying a new car and a home. For now, he plans to stay in Indiana."
The winner has done his best to conceal the fact that he was the big Powerball winner, and he does not believe that his co-workers at the manufacturing plant in Lafayette where he works have figured it out. Nevertheless, rumors have been swirling around his hometown of Lafayette since the drawing in February.
An alumnus of Purdue University, the winner hasn't decided if he'll leave his job, although he said he might want to give it up so that someone who needs a job can have it.
The LLC that was setup to claim the jackpot is called Bohemian Financial LLC.
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