$1.35B Jackpot Winner Gets $498M After Taxes in Lump Sum
- A Mega Millions jackpot winner in Maine who scored $1.35 billion has come forward, officials said.
- They’ll take home $498 million, after choosing a one-time payment of $723 million.
- Around $173.6 million will go to federal taxes, and another $51 million is going to state taxes.
The winner of the fourth-largest jackpot in US history has come forward to claim their payout, state lottery officials said on Wednesday.
But they’ll be taking home just $498 million of the $1.35 billion Mega Millions prize, after opting for a lump sum of cash and accounting for taxes, Michael Boardman, the deputy director of the Maine Bureau of Alcoholic Beverages and Lottery Operations, told the Associated Press.
The Maine State Lottery said in a statement that the winner, whose identity still hasn’t been revealed, approached the state lottery through a limited liability company, LaKoma Island Investments, to claim their winnings.
They chose to take a one-time payment of $723,564,144 before taxes, the statement added.
Around $173.6 million of the prize goes to federal taxes, and $51 million is going to state taxes, Boardman told the AP.
Had they chosen to accept the full payout, the winner would have received their money in 30 payments over 29 years, said Boardman, per the outlet.
Their ticket was validated on Friday when a representative for the winner came into lottery headquarters, said Boardman, per the AP. Their money will be transferred by the end of the week, he said.
The ticket, which won the draw on January 13, was purchased at the Hometown Gas & Grill, located near the town of Lebanon, Maine, the state lottery said.
The store was given a $50,000 bonus for selling the winning ticket, lottery officials added.
Hometown Gas & Grill owner Fred Cotreau said he shared half of the bonus with his employees, according to the AP.
Store owner Fred Cotreau greets customers on Saturday morning. “We are anxiously awaiting the winner to be revealed”, he explained to the many questions from patrons regarding who the winner is.
Derek Davis/Portland Press Herald via Getty Images
“We are anxiously waiting to see if it is someone we see regularly here in town that won a whopping 1.3 BIILLLLION DOLLAS,” Cotreau wrote on his store’s Facebook page.
The biggest lottery jackpot to date in the US, a Powerball drawing on November 7, was worth $2.04 billion. Its winner was revealed as an Edwin Castro, though no further personal details were given by California lottery officials. The gas station owner who sold that winning Powerball ticket, Joseph Chahayed, received a $1 million bonus after the results were announced.
Another Powerball jackpot worth $1.59 billion was claimed in 2016 and South Carolina resident claime a Mega Millions prize worth $1.54 billion in 2019.
Cotreau and a representative for the Maine State Lottery did not immediately respond to Insider’s requests for comment.
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