How Aussie lost huge $30m lotto prize
THE winner of what was then Western Australia's biggest ever lotto prize - $30 million - lost his fortune on bad investments including a nightclub, a superyacht and a pub.
Sherif Girgis' story came to light this week when he successfully sued a Perth deputy mayor who he claimed gave him bad advice on how to invest the money.
Mr Girgis, who was working part time in a cinema when his life changed forever in 2007, sought help from City of Joondalup councillor Russell Poliwka.
After speaking with the prominent real estate agent, Mr Girgis put his money towards the purchases of a pub, a luxury boat, a nightclub and a block of land with ocean views, The West Australian reports.
But it wasn't long before things took a serious turn for the worse.
In 2012, Mr Girgis told Mr Poliwka he had only $5 million of the initial $30 million prize.
Two years later, he launched legal action against the man he entrusted with managing his fortune.
In the Supreme Court last week, Justice John Vaughan ruled Mr Poliwka pay back a percentage of the $3,441,815.50 Mr Girgis claimed he was owed.
The Supreme Court ruled Mr Poliwka must pay back more than $2 million.
Mr Girgis of course is not the only lotto winner to have lost a fortune.
Martyn and Kay Tott from the UK never even cashed in their $5 million winning ticket. Business Insider reports the couple won big but couldn't find the ticket.
Camelot Group, which runs the national lottery, deemed the pair had indeed won but because they did not report the ticket lost within 30 days the money was never paid.