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Anorak | Lottery winner’s millionaire son sues parents for more money

Lottery winner’s millionaire son sues parents for more money

by | 19th, May 2017

Can love be measured in cash? Michael Dawes was given a pot load of cash by his dear old dad. But he reasoned that dad should have been more generous. The matter game before the Beak:

A man who was given nearly £1.6m by his father after he won £101m in the Euromillions has had his claim for more cash thrown out by a judge.

Best check the will.

Michael Dawes, 32, took his father, Dave, and stepmother Angie to court after they stopped giving him more money. He claimed the couple had promised to ensure he and his partner, James Beedle, 34, would never have to worry about money again.

All depends on how much they spend, right? A £1.6 million windfall – tax free because it’s a fit – is not a small sum of money. Spread over his working life – 18-70, say – and all things being equal, the sum gives young Dawes an equivalent income of  over £30,000 a year in today’s money. In April 2016 median gross weekly earnings for full-time employees were £539. Not too shabby, then, for young Dawes. Or he could invest the sum wisely and get more – something achievable by stashing the cash on multiple high-interest-paying current accounts and taking a long-term view on funds and shares.

So what did he do with the money?

Michael Dawes was given £1m by his father and stepmother soon after their win, but the judge said nearly all of it had been spent within a month.

Sound investments?

About £550,000 was spent on a house in Portsmouth, where Michael lived, but he also gave nearly £250,000 to friends and his partner’s family, and quit a well-paid IT job.

He quit his job? Dad had won big on a low-risk/high-reward activity. Why work when you can just ask?

At one point, the pair were spending up to £30,000 a month, including £1,000 a week on groceries.

And he wanted to be kept in the style to which he had become accustomed. But the judge dismissed his claim.

You can’t pick your family, but you can pick your numbers. Best of luck!



Posted: 19th, May 2017 | In: Money Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink