• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

Submit Your Content

Home> News> UK News

Updated 13:39 21 Jul 2023 GMT+1Published 13:26 21 Jul 2023 GMT+1

£9.7m lottery winner Michael Carroll lost all of his money in just eight years

Carroll hit the jackpot back in November 2002

Joe Harker

Joe Harker

A man who won £9.7 million on the lottery but went bankrupt eight years later has explained how he blew through so much money in such a short time.

Michael Carroll got his ticket to fame and fortune in November 2002 when he won big on a £1 ticket at his first time of playing.

That fortune was supposed to last him a lifetime, instead he spent it all and went bankrupt in just a few years.

Advert

Just 19-years-old when he won big, Michael didn't even have a bank account to deposit his winnings in, and he soon gained notoriety as a 'Lotto lout' in the tabloids.

He also ended up becoming a target for people who wanted a slice of his money and were willing to use violence to get it.

Back in 2006 he told The Independent he'd woken up at home one day to find his five dogs had been killed and blackmailers threatening his family, while on another occasion men with shotguns arrived at his home.

Michael Carroll.
Corbis via Getty Images

As for what he actually wanted to spend his money on, one of the first things Michael did with his £9.7 million pot of Lotto winnings was give a million quid each to his mum, aunt and sister.

Advert

That's nice of him.

He set up a £3.9 million investment bond, while he also invested another million into Rangers, his favourite football club, and says he bought '£150,000 in gold'.

Among his purchases with his Lotto winnings were a £325,000 mansion, which sounds pretty cheap for a house these days, 'getting on for half a million pounds in holidays' and a whole fleet of new cars including a new Range Rover, two BMW M3s, a BMW Z4 and three Mitsubishi Evos.

He also revealed that he was 'spending £2,000 a day just on cocaine' while also 'spending about £1,000 a day' on prostitutes.

By 2010, his spending had blown through his Lotto winnings and he reapplied for his old job as a binman.

Advert

Since going bankrupt Michael found new work in Scotland as a coalman and reportedly got back together with ex-wife Sandra.

He's previously said he doesn't regret winning the lottery as it brought him 'years of fun for a pound', though he did seem unhappy with the Z4, describing it as 's**t'.

Carroll lost all of his money in just eight years.
Colin McPherson/Getty

Lots of lottery winners end up going broke like Michael, with one of the main reasons including the long line of friends and family who suddenly turn up hoping for handouts or have investment ideas.

It can also be confusing for the person who wins the money if they don't get quite as much cash as the big headline figure.

Advert

Many lotto winners can either get their winnings in regular instalments or as a big lump sum, and the after taxes a lump sum can quickly shrink to a much smaller pile of winnings.

Even those who try not to blow their winnings on a string of expensive purchases can end up running out of money as they live a more expensive lifestyle they haven't had any experience with.

Featured Image Credit: Colin McPherson/Corbis via Getty Images

Topics: UK News, Weird, Money

Joe Harker
Joe Harker

Joe graduated from the University of Salford with a degree in Journalism and worked for Reach before joining the LADbible Group. When not writing he enjoys the nerdier things in life like painting wargaming miniatures and chatting with other nerds on the internet. He's also spent a few years coaching fencing. Contact him via [email protected]

X

@MrJoeHarker

Advert

Advert

Advert

Choose your content:

7 hours ago
8 hours ago
  • Office of the Governor of Utah via Getty Images
    7 hours ago

    More text messages between Tyler Robinson and roommate released by authorities as he's charged with murder

    Prosecutors read out a text message chain allegedly from Tyler Robinson

    News
  • YouTube/Dr Wealz
    8 hours ago

    Shocking simulation shows what happens to your body when you don't eat for a week as man shares major impact it had

    A YouTube simulation shows what happens to your body during a fast after Justin Dorff reached 'God Mode'

    News
  • Office of the Governor of Utah via Getty Images
    8 hours ago

    Tyler Robinson charged with aggravated murder and 6 other charges in connection with death of Charlie Kirk

    Prosecutors said they'd be seeking the death penalty

    News

    breaking

  • Kevin Dietsch/Getty Images
    8 hours ago

    Extortionate amount Donald Trump’s security for state visit to the UK is costing

    The state visit is likely to cost a few million

    News
  • Britain's youngest ever lottery winner shares life update after tragic story of winning jackpot 20 years ago
  • Man who won £191k annual salary for life in huge lottery jackpot now faces losing his home
  • Everything Britain's youngest ever lottery winner spent her winnings on before ending up bankrupt
  • Second family also facing struggles despite winning £191k annual salary for life in huge lottery jackpot