In April of 2012, Colin Weir, a resident of Scotland, hit the jackpot in the EuroMillions lottery and won an incredible £161 million ($50 million). This massive jackpot made him one of the wealthiest people in Scotland and sent shockwaves throughout the world.
However, it’s safe to say that his luck would not last for long.
Pixabay/Pexels | Colin Weir, a resident of Scotland, made history when he won the EuroMillions lottery
The Diagnosis
Weir only had eight years to enjoy his winnings before he passed away after being diagnosed with a brain tumor in 2019. By then, most of his fortune had already been spent or given away to various charities, family members, and friends. According to reports, Weir blew through almost all of his money—even taking out loans at one point—and left just £2 million ($2.6 million) behind when he died.
Although Weir’s story is undoubtedly tragic—especially since he could have made sure his family was taken care of for generations—it serves as an important reminder about what can happen if you don’t handle your newfound wealth responsibly. It also highlights how quickly even large fortunes can be squandered without proper planning and financial know-how.
Pavel Danilyuk/Pexels | When lottery winner Colin Weir passed away in December 2019, he left behind a staggering £2 million ($2.6 million).
How Weir Used Up All The Money
For instance, shortly after winning the lottery, Weir splashed out on several luxury items, such as expensive cars and lavish vacations. He also invested in some business ventures that didn’t yield any returns but still cost him millions of dollars in losses. In addition to this, he gave unwise gifts, such as $3 million in cash, to family and friends.
This resulted in the British taxman coming after him for unpaid taxes worth more than $17 million (which, luckily enough for him, were eventually forgiven due to a change in law). Not only did these irresponsible decisions leave him penniless, but they also left questions among those who knew him about why someone with so much money couldn’t manage it better.
One possible explanation is that Weir simply wasn’t used to having such wealth at his disposal; after all, prior to winning the lottery, he had lived off a modest salary as a TV cameraman and had very little experience dealing with large sums of money or managing investments.
Pixabay/Pexels | Weir splurged on a range of high-end luxuries
Unfortunately for Colin Weir and others like him who fail to plan ahead or are unable to manage their wealth properly, the saying “You Can’t Take It With You!” really does ring true when it comes to lottery winnings or any other type of windfall that you may come across during your lifetime.
It’s absolutely essential for anyone who receives any kind of inheritance or other significant sums of money to seek professional help. They must make sure they seek out professional advice from financial advisors or legal counsel before spending it recklessly. Otherwise, they may risk ending up like Colin Weir: without anything left at all when they pass away.
