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Thursday
Dec012016

Update 2016: $220M Powerball Jackpot Winner Brad Duke Talks About Growing His Win To $1 Billion

Brad Duke in 2005 with his oversize check. After taxes the prize amounted to $126 million.

It was one of the most unusual wishlists in lottery. After Brad Duke of Star won the lottery in 2005, he set a goal of turning his $220 million Powerball winnings into $1 billion in 15 years.

It was originally 3 years. So what changed, and how far has he got up to now, 2016?

Here's a tv interview he did with Katie Couric in July 2013, where he told her what he had been up to since the win. Later he gives his story since then.

In the interview however, he didn't give anything away about his lottery system. All he would say is that it was similar (to the Silver Lotto System) in that you pick a series of numbers and go for the small games.

"I was always after the small prizes, the $500 and $1000 ones," he said.

Brad Duke on the 'Katie' show talking about life after the lottery.

What he did achieve was a surprise to himself and many others. The total annuity prize from Powerball was $220 million, and he received $126 million of that in a check.

After $40 million in personal taxes were deducted, he received $86 million.

 Brad Duke during his first tv interview after winning in 2005.

One of the first things Brad said to his father after the win was, "I bet you never thought we would both retire on the same day." But Brad didn't retire... he kept working at Golds Gym for the next two and a half years.

He started several ventures with a staff of about 20 - a personal assistant, accountants, a publicist, sales people and consultants. Brad left a large portion of his win in conservative investments, and went on to manage mountain bike races and promotion.

Later he moved to more of a sponsor relationship with cycling.

Brad talks about his involvement with sports cycling.

In the meantime, he spent very little of his own money, but plenty to charity. His publicist, Edward Moore, said he had spent less than $1 million since the win but had given away or than $2 million to friends, family and charity through the Duke family foundation.

Charitable giving is the major part of Brad's life now.

Brad worked with authenticated charitable organisations in the state of Idaho. His goal has always been the same... to build his capital to $1 billion in order to help others.

Brad gives this advice to lottery winners. "You really have to define what is important to you and develop a plan around it. Get people to help you do what you're not so good at doing."

In 2016 he gave an interview to Alx George of the Idaho Press, and revealed what he's been doing since 2013.

And discussed whether he had reached his goal.

Brad Duke played golf with George W Bush in 2015.

Duke said since winning the lottery, his timeline for becoming a billionaire has changed from 15 years to a lifetime.

"It was really ambitious; I probably didn’t really anticipate how ambitious," Duke said. "It’s clearly going to be a lifetime goal."

Lottery winner Brad Duke poses with a Powerball mascot.

Duke frequently gets asked what his $1 billion progress is, how his wealth is growing and if he’s going to make his 15-year goal.

"I don’t get to talk about the real goal," Duke said. "Setting out for that $1 billion means getting to experience the journey. You set your goals so they are a challenge but attainable. I mean, I overcame something that was supposed to be unattainable."

Brad Duke shows his ticket for the winning $220 Million Powerball jackpot.

Duke said his financial team has accumulated nearly $100 million toward the $1 billion marker. The team suffered some setbacks during the housing crash, where a considerable amount of their investment money was in real estate and home security.

Duke and his team slowed down on taking new investments but didn’t pull all of their money out during the crash. 

He’s going to take that experience, in addition to other things he’s learned after winning the lottery, and write a book. 

"I want to be the guy who did it the right way and did some good and passed it on," Duke said.

Brad Duke being interviewed by CNN after his win in 2005.

Since 2008, Duke has maintained his consulting firm Synergy Fitness Group and bought a new house. His charity, the Duke Foundation, gained recognition and respect and has raised nearly $1 million for Idaho residents.

From writing a book to maintaining the Duke Foundation, which he hopes will continue even after he dies, Duke said he hopes to leave a legacy.

READ MORE: Brad Duke Interview