For Sale: Avon or Avon Lake? Powerball's Not Enough
How would you spend tonight's Powerball winnings? We say, "Shop Local."
Since no one in Ohio or elsewhere won the latest multi-state Powerball jackpot the pot will increase to a minimum $425 million for Wednesday’s drawing, Ohio Lottery officials said.
The amount signifies one of the largest Powerball pots in the history of the game. It’s not exactly pocket change.
According to the PowerBall/Mega Millions Calculator (really, there is one), the $425 million pot would result in one lump-sum payout of $229,702,385 ($149,306,550.00 after 35 percent tax) or one initial payment of $14,166,667 plus $9,208,334.00 (after 35 percent tax) per year for 29 additional years.
Just in time for holiday shopping.
Assuming that there is peace on earth, the world is fed and no one on the planet is in dire need of anything, how would you spend your $229.7 million? Here are a few suggestions of what that money could buy:
- If you want to buy your city, you’re going to have to have to win the big Powerball…10 times over. According to the Lorain County Auditor’s Office, the city of Avon is valued at $2,207,069,914 (yes that’s billion) and the city of Avon Lake at $2,370,153,371*. (FYI: We checked, and according to sources, neither city is currently for sale. Sorry.)
- Maybe you’re a baseball fan and love your summer games at All Pro Freight Stadium. The structure costs $12.1 million to build so you can afford to buy about 12 of them with your 29-year payout. Team sold separately.
- 25.25 percent of the Cleveland Browns, which was valued by Forbes as $977 million this past July (before this season started. We don’t know what the value of a win over Pittsburg is.) Stadium sold separately.
Perhaps, with all that money, you’d be inclined to buy a small island with a great big house on it. And keep a great big summer house on the North Coast just because you can.
- If you live in Avon Lake, you can buy a home like this $2.9 million lakefront home complete with four bedrooms and eight bathrooms. Every four months. For 30 years.
- If you prefer Avon and easy I-90 access, you can buy all 10 of the priciest homes (including this beauty on 20 acres) currently on sale in Avon and it will only cost you 5 percent of the $149 million post-tax dollars. (We have no idea how much lawn service would cost you per year though.)
So if your (mis?)fortunate enough to win the Powerball on Wednesday, we want to know: What big ticket item would you buy? Tell us in the comments.
*2011 Fair Market Value