Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Portfolio > Alternative Investments > Real Estate

Lottery winner on how he blew £1.8 million

X
Your article was successfully shared with the contacts you provided.

British lottery winner Roger Griffiths won £1.8 million in 2005, but in just a few short years, he lost it all in what appears to be a classic case of crazy spendthrift behavior wrecking a newfound – and unexpected – fortune. But it is not quite that simple. While Griffiths admits that he did squander a portion of his winnings on celebratory spending, the majority of his losses came from real estate and business investments that went bad when the global economic crisis landed in 2008-2009. At the beginning of his fortune, he could have simply banked a few hundred pounds a day off of his interest, but as he tried to create a larger amount of self-generating wealth, all he did was land himself back in the poorhouse, despite the financial advice he received along the way.