What Life Is Like After Winning the Lottery
The financial crisis and downturn in real estate turned out to be an invaluable learning opportunity for this Powerball winner.
- (opens in new tab)
- (opens in new tab)
- (opens in new tab)
- Newsletter sign up Newsletter

Then:
Brad Duke (pictured at left) appeared in our April 2007 issue, two years after winning a $220 million Powerball jackpot (he chose the lump sum over the annuity, netting about $85 million after taxes). Duke, then 34, shared his goal of expanding his fortune to $1 billion over the next 10 to 13 years, primarily by investing in real estate. He was still working at Gold’s Gym and still living in the same house in Star, Idaho, that he lived in before buying his magic ticket.
Now:
Duke, 43, did not anticipate the financial crisis and downturn in real estate, which forced him to push back his goal of reaching 10 digits. “It’s more like a lifetime goal now,” he says. But the crisis turned out to be an invaluable learning opportunity. In particular, he received a baptism by fire in the hazards of business partnerships. A partner in one large real estate venture declared bankruptcy. Other partnerships had to be renegotiated. One partner even sued him. Duke emerged a more cautious and more seasoned investor. “I never rush a deal now,” he says.
The experience didn’t sour him on real estate. “One thing I’ve learned is you can always make money on commercial real estate as long as you have good partners and good terms,” he says. Today, his holdings range from apartment complexes in Brooklyn, N.Y., to a brewery in Boise, Idaho.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Increasingly, though, Duke sees his mission as less about amassing wealth and more about giving back. The Duke Family Foundation, which he started in 2006 with a $1.3 million gift, has become an important part of his life. The foundation focuses on helping children in Idaho and has donated to charities such as the local chapters of Big Brothers Big Sisters and the Make-A-Wish Foundation. And Duke’s fund-raising work keeps him involved in his community. For example, for the foundation’s last fund-raiser, a golf tournament, “we worked with almost every major business in our region, whether on sponsorships or other support.”
Still naturally frugal, Duke does allow himself the occasional luxury. He lives in a bigger house—-which he purchased during the real estate crash. He flies first-class on long trips. He even bought an Aston Martin, though he rarely drives the car because it’s too showy for Idaho roads. And he quit his job at Gold’s Gym in 2007 after we interviewed him because his fortune was attracting unwanted attention.
But wealth hasn’t jaded him. “Even after all this time,” he says, “I still think it’s so cool that it happened to me.”
-
-
Gaining More Certainty in Your Retirement Income Plan
Relying on market performance to close the gap in your retirement income could let you down, but a CD ladder and fixed annuities could provide some certainty.
By Cole Czajkoski, Investment Adviser Representative • Published
-
Considering a 1031 Exchange? The Rules You Need to Know
Taxes are an inevitable part of investing in real estate. You can, however, defer or avoid paying capital gains taxes by following some simple rules of a 1031 exchange. Yes, you read that correctly!
By Daniel Goodwin • Published
-
Stock Market Holidays in 2023: NYSE, NASDAQ and Wall Street Holidays
Markets When are the stock market holidays? Take a look at which days the NYSE, Nasdaq and bond markets are off in 2023.
By Kyle Woodley • Published
-
Stock Market Trading Hours: What Time Is the Stock Market Open Today?
Markets When does the market open? While it's true the stock market does have regular hours, trading doesn't stop when the major exchanges close.
By Michael DeSenne • Published
-
Bogleheads Stay the Course
Bears and market volatility don’t scare these die-hard Vanguard investors.
By Kim Clark • Published
-
Best Cash Back Credit Cards of January 2023
Smart Buying Looking for the credit card that pays the most cash back? These lenders may pay hundreds of dollars, with minimum hassle.
By Lisa Gerstner • Last updated
-
I-Bond Rate Is 6.89% for Next Six Months
Investing for Income If you missed out on the opportunity to buy I-bonds at their recent high, don’t despair. The new rate is still good, and even has a little sweetener built in.
By David Muhlbaum • Last updated
-
What Are I-Bonds?
savings bonds Inflation has made Series I savings bonds enormously popular with risk-averse investors. How do they work?
By Lisa Gerstner • Last updated
-
Your Guide to Open Enrollment 2023
Employee Benefits Health care costs continue to climb, but subsidies will make some plans more affordable.
By Rivan V. Stinson • Published
-
Watch Out for Flood-Damaged Cars from Hurricane Ian
Buying & Leasing a Car In the wake of Hurricane Ian, more flood-damaged cars may hit the market. Car prices may rise further because of increased demand as well.
By Bob Niedt • Last updated