Lottery Winners Who Went Bankrupt

Lottery Winners Who Lost it All

It is true that sometimes money can generate even more problems which is evident from the history of many lottery winner who have ended up with less than they had earlier their windfall. The reason could be the lack of financial planning and heady spending habits with an inability to handle such big and unexpected spending power. Often the lottery winners think that they have more than they actually have. Lottery windfall makes some winners to feel invincible, even though the cash is far from limitless. National lottery foundations provide financial guidance and services to their winners in order to avoid such fate. 

Lottery winnings can hugely change the fate of people either for the better or for the worse. Some people handle it well, some donate a part of their winnings to a noble cause and others remain the same they were before. Most lottery winners who went bankrupt must have lost their way and blow their money on steep luxuries and frivolous purchases. Many people purchase astronomically priced houses, luxury cars, priceless antiques, luxurious vacations and costly jewelry. 

Here we list out a few important names that have won lottery but went bankrupt. If you have ever felt envious of those jackpot winners, you will probably experience some delight in the stories of these lottery winners who ended up in bankruptcy. 

Callie Rogers

Callie Rogers spent £1.9million prize on cosmetic surgery, drugs and partying

Lisa Arcand

Many lottery winners end up worse off than they were before they won, says Susan Bradley, a certified financial planner who runs a practice specializing in helping people who come into sudden wealth.

Lou Eisenberg

That's Incredible New York Lottery Winner Lou Eisenberg won the New York Lottery back in the '80s . Later he went broke.

Lara and Robert Griffiths

Spend spend spend: Lara and Roger pictured celebrating their win in 2006 - before their lives took a turn for the worse. 

Sharon Tirabassi

Imagine, for instance, winning $10 million and having almost none of it left less than a decade later. 

Suzanne Mullins

ROANOKE, Va. (AP) — A woman who won millions in the Virginia lottery 11 years ago is now deep in debt to a Florida company that lent her money using the winnings as collateral.

Willie Hurt

By the time he'd received just two of the $156,000 annual installments on his lottery win, Hurt was in the process of a divorce and had lost custody of his children. He'd also spent most of the money on crack cocaine and was even charged with MURDER.

Gerald Muswagon

Seven years ago, Gerald Muswagon was all smiles as his troubled life took a fairy-tale turn when he won a $10-million lottery jackpot. On Sunday, Mr. Muswagon hanged himself in his parent's garage.

Michael Carroll

The ex-binman became known as the “Lotto lout” after scooping £9.7m when he was just 19. Carroll was wearing an electronic tag when he bought a lucky dip ticket in November 2002. He went on a spending spree on cocaine, gambling and hookers that nearly killed him.