Friday, June 9, 2023

The man who went bankrupt after winning $21 million in the Australian lottery: what did he spend all his money on?

An Australian man who won £17 million ($21 million) in the lottery lost all his money after a series of bad investments left him bankrupt. Sheriff Girgis was 23 and working part-time in a cinema when he won Australia’s biggest prize in 2007.

Apparently, becoming an overnight millionaire upset the subject, who became a neophyte rich, expelled from his world.

Sun Media reported that, after receiving the millions, Girgis decided to invest in a pub, a luxury yacht, a nightclub and land overlooking the sea; However, as the years went on, problems began to emerge.

The man spent $936,000 on renovating the pub, now called the Grand Central Hotel in Midland. He also lost more than $749,000 over a three-year period. The Australian also bought a luxury catamaran, a boat or ship with two parallel hulls of similar size, 80 feet. According to him, there was no profit from this investment.

He sued the person who gave him financial advice

At the time, the lottery winner sought financial advice from Joondalup City Councilor Russell Polivka, revealing that he only had $3.5 million left of the initial $21 million prize.

Two years later, Girgis sued Polivka, accusing him of giving her bad advice. Authorities ruled that the councilor must pay back a percentage of the $3.5 million that the victim claimed he was owed. Thus, the Supreme Court concluded that the defendant must pay more than $2 million.

Man won $4 million in the lottery and lost it all because of his bad mind

In a similar story, a UK man who won a £3.5 million prize; That is, over $4 million, he lost it all after a series of bad decisions and ended up penniless.

John Roberts was 30 years old and living in a humble caravan in 1998 when he became one of the biggest lottery winners in all of Scotland.

After winning the prize, Subject and his wife Linda move into a mansion located in Blackpool, which will be the first of a long list of purchases to celebrate being a millionaire. The couple reportedly broke up before John lost the rest of the money.

Mirror Medium indicated that Roberts, who worked as a security guard, not only bought 40 cars, but was also the victim of several scams.

John was once convinced that he had bought a pub; However, he later learned that his name was never on the property deeds. In addition to fraud, there were problems with the UK authorities after two arrest warrants were issued against him.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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