Wealth Managers Claim $254 Million Powerball Jackpot

Wealth Managers Claim $254 Million Powerball Jackpot

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Chalk up another win for the 1 percent.

Three money managers in Greenwich, Conn. – one of the wealthiest towns in the country – have come forward as the lucky winners of the $254.2 million Powerball drawing held November 2. Lottery officials had confirmed that the winning ticket was sold in Fairfield County, but the holders of the winning ticket had not come forward for more than three weeks…until today.

Tim Davidson, Brandon Lacoff and Greg Skidmore claimed their prize and met with the media today. The three work at boutique investment advisory firm Belpointe Management, which manages $82 million in assets – less than the almost $104 million they will receive after taxes by opting to take their jackpot as a lump sum. Davidson reportedly bought the winning $1 Quick Pick ticket at a Stamford gas station. After winning, the trio formed the Putnam Avenue Family Trust to manage the jackpot, and the ticket was put into the trust.

The money managers say they will donate part of their winnings to charity, and they have already helped spread the wealth a bit: The gas station that sold their winning ticket will receive a $100,000 bonus from the Connecticut Lottery.

As editor in chief, Yuval Rosenberg oversees all aspects of The Fiscal Times' website and email newsletter. His writing has appeared in publications including BusinessWeek, CNBC.com, CNNMoney.com, Fast Company, Fortune, Newsweek, Money and Time.