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This lotto winner wasted away his £5.100.000 fortune three years after scooping it

Major lotto winners usually share similar plans with the lottery officials after collecting their fortune – sharing the money with the family, buying the house of their dreams and supporting their favourite charities. The story of Pete Kyle’s victory is no different, but three years after his £5.100.000 lotto win took place things didn’t really change for the better.

Kyle snatched £5.100.000 back in 2005, but it took him only three years to scatter this incredible fortune. Shortly after becoming a millionaire, Mr. Kyle purchased a new fishing boat and spent a big portion of his money on a lavish mansion where he installed a bar, snooker room, a jacuzzi, a steam room, a hot tub and an indoor swimming pool. It was also revealed that he spent £550.000 on the house in Derriford, £40.000 on a Mercedes, £40.000 on a Range Rover and another £20.000 on a 4x4. According to his friends, he also lost a lot of money in a series of unsuccessful investments and luxury trips for his family.

Unlike most major winners who have the freedom to quit their jobs after hitting the jackpot, Kyle didn’t have the luxury of retiring early – it was reported that he was forced to move in at the £15-a-night Rooms Hotel in Plymouth, where he also started working shortly after losing his opulent mansion. Back in 2008, his estate was purchased by the businessman Steve Hawken, who has been inundated with letters from creditors shortly after acquiring it. He received bills of more than £370.000 for only six months, and had to send letters to 260 people telling them Mr. Kyle doesn’t live there anymore.

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