Lottery officials present ceremonial $1 million check to downtown LA retailer
"Here we go again California!" That's how lottery representatives kicked off their morning ceremonial $1 million check presentation to the Los Angeles retailer who sold the winning $1.08 billion ticket.
For the second time in less than a year, there's another Powerball billionaire winner in Southern California, and another retailer that gets a bonus check.
Las Palmitas Mini Market just steps away from Downtown L.A.'s skid row, is one of 23,000 retailers across the state selling lottery tickets.
Thursday, California State Lottery officials gathered outside the mart in the hot L.A. sun to present two checks, the $1 million to the owners of Las Palmitas and a still unclaimed $1.08 billion ceremonial check.
"We're wondering if the person who bought the ticket even realizes it yet. We won't know at the lottery, the public won't know until somebody comes forward and claims that prize," said Caroline Becker of the CA Lottery. "So, they have to claim the prize and go through a vetting process at the CA Lottery to ensure they are the legitimate winner."
Representatives continued to encourage whoever may hold the winning ticket to make sure the back of it is signed and to get a team of advisors together before coming forward.
"We have to spend time vetting the winner, making sure they are the right person. We probably won't know for months and months," said Becker. She said prize winners have a year to claim the winning ticket and the vetting process to make sure the right person gets the money takes time.
A wealth management advisor also encouraged the winner to get a team of advisors together since according to statistics, about 70 percent of lottery winners go broke within five years.
"If you choose a lump sum, you really aren't getting $1 billion. You will face $200 million-plus in taxes. This involves attorneys, financial planners, and tax planners to help you figure out how to minimize taxes on this money and turn it into a lifetime income that you can't outlive," said David Rae of DRM Wealth Management
And if the winning ticket remains unclaimed, lottery representatives said the selling retailer gets to keep the $1 million bonus funds and the unclaimed prize money would go to California public schools.
CA Lottery representatives said from this one game, over the last three months, nearly $80 million was raised for the state's public school students.
There are also other winners from last night's drawing. There were seven winning tickets in California Wednesday night that hit five numbers. Lottery representatives said each of those is worth half a million dollars, and those winners have six months to come forward.
More advice for the winner holding the $1 billion ticket, Rae says the first thing to do is something nice for yourself, pop some champagne, and start dreaming.
"Start building out a plan of how to change your life and make this something that really improves your life rather than turning into a tragedy… It's hard to think there would be a tragedy winning a billion dollars but you would be amazed how people run through money," said Rae.