3 Asset Managers Win $254 Million Powerball Lottery
8:46 p.m. | Updated
The lottery is full of rags-to-riches tales. Now the 1 percent has its own feel-good story.
Timothy C. Davidson, Brandon E. Lacoff and Gregory H. Skidmore, three executives at Belpointe Asset Management, an investment firm based in Greenwich, Conn., have won $254.2 million in the Powerball game, the largest jackpot in the state’s history.
“The lottery is all about dreaming, and that runs across all demographics and all people,” said Anne Noble, the Connecticut Lottery’s chief executive.
The three men made — or rather, multiplied — their fortunes with a single $1 ticket purchased at a gas station in neighboring Stamford, a Connecticut Lottery spokeswoman said. Mr. Davidson bought the ticket on Nov. 1, using the “pick six” option to allow the lottery’s computer to choose random numbers. The winning digits: 12, 14, 34, 39, 46 and the Powerball number, 36.
The following day, when the results were announced, the co-workers realized they had won a multistate lottery with odds — one in 195,249,054, to be specific — that would make even the boldest hedge fund manager run for the hills. But they had a brief scare after a local news station mistakenly ran the winning numbers with a changed digit.
Later, the station corrected the error, and they began planning to collect their millions. The trio formed the Putnam Avenue Family Trust to handle the winnings and decided to take a lump payment of $151.7 million rather than receive the prize in installments.
Despite paying a $48 million tax bill, the men are expected to take home more than $100 million, a large sum even by the standards of Greenwich, a millionaire-studded suburb that is home to legions of hedge fund managers and Wall Street executives.
“They’re obviously very excited,” Jason Kurland, a lawyer who represented the trust at a Monday news conference, said in a phone interview. Mr. Kurland said that the men planned to give a “significant amount” of the money to Connecticut charities, but did not specify how they would divide their winnings.
The gas station that sold the winning ticket will receive a reward payment of $100,000, according to the lottery organization.
“We like to say that everyday people win the lottery, every day,” Ms. Noble said.
The financial executives are everyday people, at least by Greenwich standards, where the typical home is worth more than $1 million.
Their firm oversees $82 million in assets, according to a filing with the Securities and Exchange Commission. Belpointe’s real estate group developed Beacon Hill of Greenwich, a luxury gated community where the properties run around $2.5 million.
Mr. Davidson, a senior portfolio manager at Belpointe, attended the College of William and Mary and grew up in Switzerland, France and Britain, according to his biography on the firm’s Web site. Mr. Lacoff is a founding partner of Belpointe. Mr. Skidmore, Belpointe’s president and chief investment officer, is a former member of the United States national sailing team and is the grandson of Louis Skidmore, the notable American architect and founder of the firm Skidmore, Owings & Merrill.
None of the three men responded to requests for comment.
“They’ve become their dream clients, for sure,” Mr. Kurland said, at the lottery news conference.Timothy C. Davidson, Brandon E. Lacoff and Gregory H. Skidmore, three executives at Belpointe Asset Management, an investment firm based in Greenwich, Conn., won $254.2 million in the Powerball game, the largest jackpot in the state’s history.
Greenwich Hedge Fund Powerball Winners Say There’s No ‘Secret Winner’
NEW YORK (CBSNewYork/AP) — Three Connecticut money managers awarded a $254 million Powerball jackpot say there’s no fourth participant despite a claim they’re covering for a winner who wants to stay anonymous.
Gregg Skidmore, Brandon Lacoff and Tim Davidson revealed themselves yesterday, claiming to be the winners at the Connecticut Lottery headquarters.
However, a British tabloid published a report that throws that story into doubt. The report cites a friend of one of Lacoff’s who claimed the three represent the actual winner, who hired them to remain anonymous.
The trio are from the Greenwich area and took the after-tax lump sum of nearly $104 million in cash.
Davidson claimed to have bought the winning quick pick $254 million ticket at the Shippan Point Getty station on Nov. 2 in Stamford. It was the only ticket he bought.
The winning numbers were 12-14-34-39-46, Powerball 36.
When they showed up to claim their prize, they weren’t exactly exuberant. Skidmore was the only one who spoke, saying simply “It feels good.”
The three men work as asset managers at a small firm called Bell Asset Management.
Thomas Gladstone says he’s landlord for the men’s company. He said Tuesday that Lacoff told him they’re representing the winner, who wants to remain anonymous.
But a statement from the men’s trust says there are only three trustees and no anonymous fourth participant.
“They have said they are going to give it to charity but they are going to manage the money. They are going to make a donation but they keeping a large proportion of the money and they are going to manage it,” the Mail says Gladstone told them.
“The winner is a client of theirs and their clients are a mixture of larger and smaller investors.”
Ranjit Singh, manager of the Getty station where the winning ticket was sold, said he didn’t know the winners and doesn’t remember selling the winning ticket.
The jackpot was the 12th largest in Powerball history.
What do you make of the report? Sound off in our comments section.Three Connecticut money managers awarded a $254 million Powerball jackpot say there's no fourth participant despite a claim they're covering for a winner who wants to stay anonymous. ]]>