Lotto millionaire blows £5m in 3 years – now on benefits
Few people would find it hard to blow £5 million in 3 years, but that is exactly what lottery winner Pete Kyle has managed to achieve.
Mr Kyle, 55, who won £5.1 million in February 2005, now lives in a small room in a hotel and reportedly claims £100 week in disability living and mobility allowance.
The cause of Mr Kyle’s downfall seems to have been ill-advised investments and handing over money to people who were untrustworthy. Mr Kyle, who was still a millionaire last year, now even owes money to creditors.
"He had a golden opportunity to turn his life around - and then blew it," a source told The Sun newspaper.
"He took some bad advice from bad people and handed his money over too readily to them. How he's got nothing and even owes cash. It's hard to believe he was a millionaire, now he's just a mess."
Mr Kyle used to live in a £550,000 house in Plymouth, Devon, and own three cars. However, he was forced to sell all of that to simply survive.
Now he works as the caretaker for the hotel where he is staying.
Editor, Jackpot.co.uk - 2008-04-11 11:05:53