William 'Bud' Post: $16.2m in 1988, a murder plot, a lawsuit and debt

William 'Bud' Post, a carnival worker, was on a disability pension with $2.46 in the bank in 1988. He pawned a ring for $40 to buy 40 Pennsylvania Lottery tickets. One won $16.2m, paid in 26 yearly instalments of $497,953.47.

Within a fortnight of his first payment, more than $300,000 had gone, on items such as a used-car lot and a plane he had no licence to fly. Within three months he owed $500,000. A year later he bought a $395,000 mansion in Oil City.

A brother was jailed for trying to hire a hitman to kill him for a share of the money. Ann Karpik, his former landlady and girlfriend, sued, saying they had agreed to split any winnings. A judge ruled she was owed a third, and froze his payments when he would not hand one over.

In 1996 he sold the mansion for $65,000 and auctioned his remaining 17 payments, and within a year most of the $2.65m had gone. He also went bankrupt and served time for assault. He later lived on a $450-a-month disability pension and died of respiratory failure in January 2006, aged 66.

A sudden win is not a plan. If gambling is causing you problems, BeGambleAware.org offers free, confidential help.

Sources

• The Washington Post (archived): William 'Bud' Post III obituary (web.archive.org)
• CBS News: William 'Bud' Post (cbsnews.com)