Lottery winners urged to avoid big purchases

By By ALAN SCHER ZAGIER

ST. LOUIS (AP) — From luxury mansions to warm islands and rare art, there's no shortage of big-ticket items out there for the lucky winner or winners of the latest Powerball lottery jackpot.

Wednesday night's drawing is expected to top $400 million, or about $230 million if taken in a lump sum.

Wealth asset managers advise their clients to forego large vanity purchases and instead set up trusts and annuities to keep the money safe.

But that sage advice doesn't keep dreamers from dreaming.

For $130 million, the jackpot winner could buy Copper Beech Farm in Greenwich, Ct. The 13,500-square-foot home has 12 bedrooms. Art lovers can purchase a rare painting by Pierre-Auguste Renoir at auction this spring for $10 million, with money left over to buy other works by impressionist master Claude Monet.

©2014 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.