|Unlucky lottery winners who lost their money
Is winning the lottery really a lucky event? Not if you lose the money, say experts and those who fleetingly had it all.
"Winning the lottery isn't always what it's
cracked up to be," says Evelyn Adams, who won the New Jersey lottery not
just once but twice (1985, 1986) to the tune of $5.4 million. Today, the money
is gone and Adams lives in a trailer.
"I won the American
dream but I lost it, too. It was a very hard fall. It's called rock bottom,"
says Adams. "Everybody wanted my money. Everybody had
their hand out. I never learned one simple word in the English language -- 'No.'
I wish I had the chance to do it all over again. I'd be much smarter about it
now," says Adams, who also lost money at the slot machines in Atlantic City.
was a big time gambler," admits Adams. "I didn't drop a million dollars,
but it was a lot of money. I made mistakes, some I regret, some I don't. I'm human.
I can't go back now so I just go forward, one step at a time."
Deeper in debt
Suzanne Mullins won $4.2 million in the Virginia lottery in 1993.
Now she's deeply in debt to a company that lent her money using
the winnings as collateral.
She borrowed $197,746.15, which she agreed to
pay back with her yearly checks from the Virginia lottery through 2006. When
the rules changed, allowing her to collect her winnings in a lump sum, she cashed
out the remaining amount -- but stopped making payments on the loan.
blamed the debt on the lengthy illness of her uninsured son-in-law, who needed
$1 million for medical bills.
Mark Kidd, the Roanoke, Va.,
lawyer who represented the Singer Asset Finance Company who sued Mullins, confirms.
He won a judgment for the company against Mullins for $154,147 last May, but they
have yet to collect a nickel.