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Texas Tech Univ. School of Law

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Friday, December 13, 2013

Cautionary Tale of Powerball Winner

Davidleeedwards

Just 12 years after striking it rich, David Lee Edwards died broke and alone in a hospice at age 58.

Edwards was an ex-felon from Kentucky who won a $27 million Powerball in 2001.  Opting for a one-time payout, Edwards went on a crazy spending spree.  He blew his money on a 6,000-square-foot Palm Beach mansion, dozens of expensive cars, three losing racehorses, a limo business, a fiber optics installation company, and a Learjet.

Within five years, Edwards was broke and his wife had left him.  When Edwards received his windfall, he vowed to make it last for his daughter.  Upon his death, he had nothing left to leave to her.

See Chris Joseph, David Lee Edwards, Powerball Winner, Dies Broke in Hospice, Broward Palm Beach New Times, Dec. 5, 2013.

Special thanks to David S. Luber (Florida Probate Attorney) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2013/12/cautionary-tale-of-powerball-winner.html

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