$330M Jackpot Split Not Quite as Mega
Winners may find parts of the high life out of their price range.
Sept. 1, 2007 — -- Friday night, four lucky people won the Mega Millions $330 million jackpot. That kind of number lends itself to fantasies of unlimited luxury. But the truth is, megamillions just aren't what they used to be.
A one-quarter share of the jackpot is $82.5 million. If the winner elects a lump-sum payment, which financial analysts suggest, they're down to $48.6 million after taxes. Already, unfortunately, the brand new millionaire is forced to make some compromises.
Forget those dreams of living in the Beverly Hills mansion William Randolph Hearst built for his mistress. It's listed at $165 million. Saudi Prince Bandar bin Sultan's Aspen home is also out of reach at $135 million and so is that estate overlooking Lake Tahoe with a staircase modeled on the one from the Titanic, valued at $100 million.
But suppose our winners just want to live a modest millionaire's life in an apartment on New York's Fifth Avenue. Sadly, this address, too, is out of their league.
While many apartments on Fifth Avenue do list for less than $50 million, realtors say the co-op boards typically require at least twice that amount in liquid assets -- that means your checking account, not your investments.
Other one-time symbols of the mega-rich are also unavailable to the latest lottery winners. They might just swing the purchase price of a private Gulf Stream jet (if it's used -- the new ones list for $54 million), but there would be nothing left for airport fees and a pilot.
Important pieces of art are also well beyond the new winner's budget -- even the kitchy stuff. That diamond-studded skull by Damien Hirst is selling for $98 million.
So here's a suggestion for our depressed winners: Shoot even higher… into space.
