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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 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

French Swede November 28, 2012 at 05:34 PM
It's now up to $550 million with a $360 million cash value. $248 million after taxes. You could buy a million dollar home in 100 different places in the world(I know the first 10 or 15 would be in tropical locations). You could spend a million on each for furnishings. You'll have $48 million left over for travel and a TT in the garage at every location. Or, you could help reduce the national debt with it all. That wouldn't even pay the interest on it. Think I'll go for the first idea.
Lori E. Switaj November 28, 2012 at 05:55 PM
Hey French, you know I have a TT in my garage, right? I'm up for parking it in a garage in Barbados. Where I'd build a hockey rink that would be really, really expensive to maintain.
rgnocp38 November 28, 2012 at 06:27 PM
I would give the Avon Lake City Schools the funds they so desperately need and deserve. What a better way to spend money than on our children and providing the best, highest-quality education possible.
French Swede November 28, 2012 at 10:16 PM
Hockey in Barbados. "Cool idea". But you'd still probably have to look for a goalie.

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