So, you’ve just hit the jackpot – millions in your bank, dreams of luxury, and a VIP lifestyle at your fingertips. But before you start picking out diamond-encrusted watches and hiring a private chef, you might want to pump the brakes.
Image: Taylor Swift on stage Copyright: taylorswift Instagram
Living like the rich and famous comes with an eye-watering price tag, and even the biggest lottery windfalls can disappear shockingly fast. In fact, a recent study commissioned by BoyleSports, who offer lotto betting, explored just how quickly lottery winners could burn through their fortune if they tried to keep up with celebrity spending habits. And the results? Let’s just say that dream lifestyle could vanish in a flash.
Just ask Taylor Swift, the pop superstar splashed out a staggering £42 million on a private jet. And the costs don’t stop there. Flying in style comes with a £1,520-per-hour fuel bill, and when you add in maintenance, a full-time crew, and other hidden fees, racking up 300 flight hours a year burns through a jaw-dropping £4.17 million annually.
That’s nearly half of a £10 million win gone in a year. And that’s just one luxury item.
The UK National Lottery regularly offers jackpots ranging from £5 million to £15 million. Sounds like enough to set you up for life, right? Well, not if you’re planning on living like an A-lister.
Even a £15 million windfall won’t stretch far if you’re splashing out on private jets, mega-mansions, and designer wardrobes. In fact, with some of the insane spending habits of the rich and famous, you could burn through a jackpot prize in record time.
If you think a private jet is the height of luxury, think again; Donald Trump took it to another level. The US President splashed out a jaw-dropping $100 million (£78 million) on a Boeing 757, previously owned by Microsoft billionaire Paul Allen. But, of course, a regular jet wouldn’t cut it for Trump.
After buying the plane, Trump refitted it with gold everywhere – from seatbelt buckles to bathroom faucets, all drenched in 24-karat gold. Even the family crest was plastered all over the aircraft because, obviously, one gold jet might get mixed up with another.
If a gold-plated jet isn’t wild enough, how about buying an entire town? That’s exactly what Hollywood star Kim Basinger did when she snapped up Braselton, Georgia, for a cool $20 million (£16 million) in cash.
The idea? To turn the sleepy town into a tourist hotspot, complete with movie studios and music hubs. Sounds like a dream investment, right? Well, not quite.
The grand plans never took off, and after running into financial trouble, Basinger was forced to sell off her shares – at a huge loss. It’s a brutal reminder that celebrity-level spending doesn’t always mean success.
If you’re planning to splash your lottery winnings on something extravagant, take note – even £15 million won’t guarantee lifelong financial freedom.
And if you really want to throw money away, why not drop £40,000 on a ghost detector? That’s what Lady Gaga reportedly did, terrified of evil spirits lurking in her hotel rooms.
Yes, £40K – for a device to scan for spooky vibes. Imagine explaining that to your financial advisor.
If you’re lucky enough to scoop a multi-million-pound win, maybe think twice before splurging like the A-listers. Because if even celebs can go broke, your winnings could disappear faster than you can say “superyacht.”
Underage gambling is an offence. You must be over 18 years old to gamble.
Any form of gambling should always be fun, playing in a way that is right for you. It’s good to set limits, take time out or set up reminders.
Please gamble responsibly and in moderation.
For more information on the tools available to help to keep you safe or if you want advice or support you can call the National Gambling Helpline on 0808 8020 133 (England, Scotland and Wales or visit Gamblingtherapy.org).
