When an individuals tries their luck and wins millions of dollars in the lottery, it doesn’t necessarily mean they know how to be responsible for their newfound fortune. The winner of one the largest EuroMillions jackpots ending up burning through most of it before his death in 2019.
Colin Weir of North Ayrshire, Scotland, won a massive record-breaking sum of £161 million (this equates to roughly $257.6 million) in 2011. This ranks as one of the largest winnings in the history of the European lottery.
Weir passed away in 2019 from sepsis and acute kidney injury. He was 71 at the time of his death. It turns out that Weir had made the most of his winning prior to his death as he had blown through most of his winnings.
Fox News reported on the spending of Colin and Chris Weir:
Weir and his wife Christine bought a £3.5million (roughly $5.75 million) mansion called Frognal House and spent thousands renovating the property.
The fortune took a big hit when the couple split in 2018, but Weir had made a number of investments across the last eight years of his life, most notably purchasing a 55% share in Glasgow soccer team Partick Thistle, investing in thoroughbred racehorses and establishing the Weir Charitable Trust, according to the Independent.
He ended up handing over his ownership of the soccer team to a supporter’s group, making it a majority fan-owned team. He had initially used his winnings to wipe out the team’s debt in 2015 and funded the team’s youth academy, according to the Daily Record.
Financial experts noted that it was difficult to spend the amount of money the Weir’s did within an eight year period and that it took “a bit of doing” to accomplish it. It is said the couple ended up spending an average of £100,000 (roughly $131,900 during that time) per week a luxury items and investment opportunities. One of their largest purchases was a £3.5million (roughly $5.75 million) mansion.
Weir also decided to dedicate some his fortune to political endeavors. Colin donated extensively to the Scottish National Party (SNP) failed 2014 Independence Referendum campaign. The donations drew praise from Sottish First Minister Nicola Sturgeon after his death, Sturgeon said that Weir’s “determination and generosity in the cause of Scottish independence cannot be overstated and was hugely appreciated.”
The wealthy are often known for their collection of luxurious, exotic automobiles and Weir did not disappoint with his garage. In the eight years after winning the lottery, he had an assortment of cars including a Mercedes-Benz V Class, a Jaguar F-Pace SUV, a vintage Bentley Arnage, and a Mercedes-Benz E Class Estate.
Many senselessly indulge themselves upon winning hundreds of millions in the lottery, eventually squandering their fortunes on flashy items and depreciating assets. While Weir did indulge himself to some extent on expensive cars and luxurious estates, he also made certain to invest some of his millions in appreciating assets and charitable trusts.
Weir held the record for the largest jackpot winnings for nearly eight years until 2019 when someone surpassed him with winnings of £193 million (or roughly $231 million).
"*" indicates required fields