A man who was given nearly £1.6m by his father after he won £101m in the Euromillions has had his claim for more cash thrown out by a judge.
Michael Dawes, 32, took his father, Dave, and stepmother Angie to court after they stopped giving him more money. He claimed the couple had promised to ensure he and his partner, James Beedle, 34, would never have to worry about money again.
£1.6 million is a lifetime’s worth of money, no? It’s median income for the likely 60 year lifespan of a 30 year old.
Another way to put it, that’s a house and a holiday home bought outright and the pension fully paid up. Yes, life gets pretty easy once those are all paid for:
Michael Dawes was given £1m by his father and stepmother soon after their win, but the judge said nearly all of it had been spent within a month.
About £550,000 was spent on a house in Portsmouth, where Michael lived, but he also gave nearly £250,000 to friends and his partner’s family, and quit a well-paid IT job.
Aha. Living well without having to work? That’s a very, very, much more expensive proposition, isn’t it?
At one point, the pair were spending up to £30,000 a month, including £1,000 a week on groceries.
Blimey. You’d need a capital sum of more like £10 million to buy that lifestyle. Perhaps more actually, 5% return (bit high but dividends from an index fund maybe?) then tax to leave £360,000 a year left over? More than £10 million maybe.
I therefore dismiss the claim.