Crazy Things to Buy If You Win the Lottery
Uncover the most aspirational and unique acquisitions possible when wealth knows no bounds.
Winning the lottery represents an extraordinary shift, transforming dreams into tangible possibilities. It liberates individuals from financial constraints, opening doors to a world where imagination is the only limit. This newfound wealth allows for indulgences far beyond everyday luxuries, enabling the pursuit of remarkable and extravagant purchases. Such abundance invites exploration into unique opportunities, where the previously impossible becomes readily attainable.
Grand Estates and Private Retreats
Acquiring a grand estate or a private retreat offers unparalleled privacy and expansive living. These magnificent purchases can include sprawling mansions with custom features or even entire private islands, each presenting a significant financial commitment beyond the initial purchase price.
Annual property taxes are a substantial ongoing expense, calculated based on the property’s assessed value, and these rates can vary considerably by location.
Beyond the annual property tax, the acquisition of such high-value real estate often triggers a one-time “mansion tax” or real estate transfer tax. These progressive taxes are typically levied at the time of sale, with rates that can vary based on the transaction value and property price thresholds. This transfer tax is generally the buyer’s responsibility and is an additional cost incurred during the closing process. These financial considerations highlight that owning a grand estate involves both a substantial upfront investment and considerable recurring fiscal obligations.
High-Flying Travel and Aquatic Adventures
For those who dream of unparalleled mobility, lottery winnings can fund the acquisition of custom-designed private jets, mega-yachts, or even personal submarines.
The purchase of such assets typically incurs sales tax, which varies significantly across different jurisdictions. Most states impose a sales and use tax on aircraft purchases, with rates that can add a substantial percentage to the overall cost. Similarly, mega-yachts are subject to sales tax in many areas, though some jurisdictions cap the maximum sales tax amount.
Historically, a federal luxury excise tax was applied to certain high-value goods, including boats over $100,000 and aircraft over $250,000, levying a ten percent surcharge on the amount exceeding these thresholds. While the federal application of this tax has evolved, various states may still impose their own luxury taxes on such extravagant purchases, contributing to the overall acquisition cost. Additionally, if a private aircraft or yacht is purchased in a state with low or no sales tax but is primarily used or based in another state, a “use tax” may be levied by the latter state to capture the equivalent sales tax revenue.
Unforgettable Experiences and Bespoke Services
Beyond tangible assets, lottery winnings can unlock access to unique, once-in-a-lifetime experiences and highly personalized services.
A private journey into space, for example, represents a significant expenditure, with suborbital flights costing around $250,000 and orbital missions ranging from approximately $50 million to $60 million per person.
Commissioning a world-renowned artist for a private concert or an exclusive piece of art also falls within this realm of bespoke services. The cost to commission art varies widely, depending on the artist’s reputation, the size, and the complexity of the desired work. These unique experiences and personalized services primarily involve direct fees for their provision, rather than recurring tax implications.
Curating Extraordinary Collections
For those with a passion for rarity, lottery winnings allow for the meticulous curation of extraordinary collections, encompassing everything from world-class art to vintage automobiles and historical artifacts. The acquisition of fine art, for instance, is subject to sales tax in most states, as it is considered tangible personal property. Sales tax rates vary by location and apply to the total purchase price. Similarly, acquiring rare classic cars involves sales tax at the point of purchase, with rates typically ranging from five percent to nine percent of the vehicle’s value, depending on the jurisdiction. Some states may offer specific exemptions or reduced rates for historic or classic vehicles.