The lottery is full of rags-to-riches tales. Now the 1 percent has its own feel-good story.
Timothy C. Davidson, Brandon E. Lacoff and Gregory H. Skidmore, three executives at Belpointe Asset Management, an investment firm based in Greenwich, Conn., have won $254.2 million in the Powerball game, the largest jackpot in the state’s history.
“The lottery is all about dreaming, and that runs across all demographics and all people,” said Anne Noble, the Connecticut Lottery’s chief executive.
The three men made — or rather, multiplied — their fortunes with a single $1 ticket purchased at a gas station in neighboring Stamford, a Connecticut Lottery spokeswoman said. Mr. Davidson bought the ticket on Nov. 1, using the “pick six” option to allow the lottery’s computer to choose random numbers. The winning digits: 12, 14, 34, 39, 46 and the Powerball number, 36.
The following day, when the results were announced, the co-workers realized they had won a multistate lottery with odds — one in 195,249,054, to be specific — that would make even the boldest hedge fund manager run for the hills. But they had a brief scare after a local news station mistakenly ran the winning numbers with a changed digit.
Later, the station corrected the error, and they began planning to collect their millions. The trio formed the Putnam Avenue Family Trust to handle the winnings and decided to take a lump payment of $151.7 million rather than receive the prize in installments.
Despite paying a $48 million tax bill, the men are expected to take home more than $100 million, a large sum even by the standards of Greenwich, a millionaire-studded suburb that is home to legions of hedge fund managers and Wall Street executives.
“They’re obviously very excited,” Jason Kurland, a lawyer who represented the trust at a Monday news conference, said in a phone interview. Mr. Kurland said that the men planned to give a “significant amount” of the money to Connecticut charities, but did not specify how they would divide their winnings.
The gas station that sold the winning ticket will receive a reward payment of $100,000, according to the lottery organization.
“We like to say that everyday people win the lottery, every day,” Ms. Noble said.
The financial executives are everyday people, at least by Greenwich standards, where the typical home is worth more than $1 million.
Their firm oversees $82 million in assets, according to a filing with the Securities and Exchange Commission. Belpointe’s real estate group developed Beacon Hill of Greenwich, a luxury gated community where the properties run around $2.5 million.
Mr. Davidson, a senior portfolio manager at Belpointe, attended the College of William and Mary and grew up in Switzerland, France and Britain, according to his biography on the firm’s Web site. Mr. Lacoff is a founding partner of Belpointe. Mr. Skidmore, Belpointe’s president and chief investment officer, is a former member of the United States national sailing team and is the grandson of Louis Skidmore, the notable American architect and founder of the firm Skidmore, Owings & Merrill.
None of the three men responded to requests for comment.
“They’ve become their dream clients, for sure,” Mr. Kurland said, at the lottery news conference.
Timothy C. Davidson, Brandon E. Lacoff and Gregory H. Skidmore, three executives at Belpointe Asset Management, an investment firm based in Greenwich, Conn., have won $254.2 million in the Powerball game, the largest jackpot in the state’s history.
“The lottery is all about dreaming, and that runs across all demographics and all people,” said Anne Noble, the Connecticut Lottery’s chief executive.
The three men made — or rather, multiplied — their fortunes with a single $1 ticket purchased at a gas station in neighboring Stamford, a Connecticut Lottery spokeswoman said. Mr. Davidson bought the ticket on Nov. 1, using the “pick six” option to allow the lottery’s computer to choose random numbers. The winning digits: 12, 14, 34, 39, 46 and the Powerball number, 36.
The following day, when the results were announced, the co-workers realized they had won a multistate lottery with odds — one in 195,249,054, to be specific — that would make even the boldest hedge fund manager run for the hills. But they had a brief scare after a local news station mistakenly ran the winning numbers with a changed digit.
Later, the station corrected the error, and they began planning to collect their millions. The trio formed the Putnam Avenue Family Trust to handle the winnings and decided to take a lump payment of $151.7 million rather than receive the prize in installments.
Despite paying a $48 million tax bill, the men are expected to take home more than $100 million, a large sum even by the standards of Greenwich, a millionaire-studded suburb that is home to legions of hedge fund managers and Wall Street executives.
“They’re obviously very excited,” Jason Kurland, a lawyer who represented the trust at a Monday news conference, said in a phone interview. Mr. Kurland said that the men planned to give a “significant amount” of the money to Connecticut charities, but did not specify how they would divide their winnings.
The gas station that sold the winning ticket will receive a reward payment of $100,000, according to the lottery organization.
“We like to say that everyday people win the lottery, every day,” Ms. Noble said.
The financial executives are everyday people, at least by Greenwich standards, where the typical home is worth more than $1 million.
Their firm oversees $82 million in assets, according to a filing with the Securities and Exchange Commission. Belpointe’s real estate group developed Beacon Hill of Greenwich, a luxury gated community where the properties run around $2.5 million.
Mr. Davidson, a senior portfolio manager at Belpointe, attended the College of William and Mary and grew up in Switzerland, France and Britain, according to his biography on the firm’s Web site. Mr. Lacoff is a founding partner of Belpointe. Mr. Skidmore, Belpointe’s president and chief investment officer, is a former member of the United States national sailing team and is the grandson of Louis Skidmore, the notable American architect and founder of the firm Skidmore, Owings & Merrill.
None of the three men responded to requests for comment.
“They’ve become their dream clients, for sure,” Mr. Kurland said, at the lottery news conference.
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