Lottery winner burns through nearly $50 million before death
The winner of one of the largest EuroMIllions jackpots burned through most of his winnings before his death in 2019, new documents revealed.
Colin Weir from North Ayrshire, Scotland, won a record-breaking £161 million (roughly $257.6 million) in 2011, which still ranks as one of the largest jackpots handed out by the European lottery competition. Weir died in 2019 at the age of 71 from sepsis and “acute kidney injury,” but he had blown through most of his fortune by the time of his passing.
Weir’s initial £161 million winning, cut in half by his divorce to some £66 million (roughly $81 million) at the time, shrunk by a further £40 million (roughly $50 million) before his death, with the rest of his winnings going to his two children following a £1 million blowout for his family following his death.
One financial expert said Weir’s level of spending in eight years “takes a bit of doing,” according to Edinburgh Live.
Colin Weir’s wife, Chris, took much of his fortune after their divorce.PA Images via Getty Images
Weir ended up spending an average of £100,000 (roughly $131,900 during that time) per week on luxury items and investments.
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.
Largs in Ayrshire, Scotland, the hometown of Colin and Christine Weir.
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.
Weir also donated to the Scottish National Party (SNP)’s failed 2014 Independence Referendum campaign, drawing praise from Scottish First Minister Nicola Sturgeon upon his death. Sturgeon said that Weir’s “determination and generosity in the cause of Scottish independence cannot be overstated and was hugely appreciated.”
His luxury purchases included a Jaguar F-Pace SUV, a vintage Bentley Arnage, a 2019 Mercedes-Benz V Class and a Mercedes-Benz E Class Estate.
Following his divorce, Weir resided in a £1.1 million (roughly $1.3 million) seafront home called “The Mansions,” where he lived out the rest of his days.
Only a £193 million (roughly $231 million) jackpot in 2019 surpassed the Weirs’ record winning.
Source: currently.att.yahoo.com