After winning a $161 million prize in the lottery in 2011, one of the largest lottery winners in UK history spent an average of $100,000 every week before passing away.
Colin Weir, a father of two, passed away in December 2019 at the age of 71 following sepsis and a “acute renal damage.”
But the Scot managed to spend half of his £80 million share in only eight years by splurging on vehicles, real estate, and purchasing a controlling interest in his preferred football team.
The estimated £40 million expenditure was also extensively distributed among family members and friends, given to nonprofit organizations, used to establish trust funds for the benefit of society, and invested in real estate.
Mr. Weir, a lifetime admirer of Partick Thistle Football Club, also bought a 55% stake in the business a month before he passed away so he could give it to the supporters and give the community control over its destiny.
Additionally, he was an SNP supporter who gave millions of dollars to both his party and the unsuccessful Yes Scotland pro-independence campaign in 2014.
Insights into the philanthropist’s surviving assets and how, despite being propelled over night into the ranks of Britain’s very affluent, he seemed to have avoided the temptations of money were revealed in his will, which was interesting.
He suffered from years of terrible health, and he and his wife, Christine, split last summer after 38 years of marriage. Sadly, his sizable Euromillions victory was not enough to bring him health or long-lasting happiness.
He purchased the five-bedroom oceanfront property in Ayr for £1.1 million in June 2018 after the breakdown of his partnership. He was living there until he passed away on December 27.
He turned up ownership of a £3.5 million property, Frognal House, outside Troon to Mrs. Weir, a former mental nurse with whom he has two adult children in their 30s, Carly and Jamie. Four years before, the couple allegedly spent ten minutes inspecting the home before purchasing it with all of its furnishings and equipment.
According to his will, he owned furnishings, jewelry, and artwork valued at about £212,000 at the time of his sudden death from sepsis and “acute kidney injury,” as well as four inexpensive vehicles: a vintage Bentley Arnage worth £10,000, a three-year-old Jaguar F-Pace SUV worth £28,250, a four-year-old Mercedes Benz E Class Estate worth £24,000, and a 2019 Mercedes Benz V Class people carrier worth about £35,000.
He also maintained a handy £263.90 in a petty cash box at the house for last-minute situations. Before his fortunate win, he worked as a TV cameraman. He reportedly continued to get a pension, and when he passed away, the Department of Work and Pensions still owing him £679.80 in arrears.
Additionally, he had a £37.08 credit on his council tax, and he had invested the whole £50,000 in National Savings and Investments Premium Bonds—possibly in the hopes of scoring another fortunate break.
His long-standing love of horse racing inspired him to invest in three thoroughbreds that were owned by syndicates, including the champion Irish mare If You Say Run ($4,000) and the five-year-old geldings Knighted ($2,500) and Felony ($1,675).
His favorite team, Partick Thistle FC, was his soft spot. Following his victory, a £2.5 million investment was quickly followed by more funding. Mr. Weir helped create the Thistle Weir Youth Academy and had a portion of Firhill Stadium christened the Colin Weir Stand. He held shares worth £272,000 in the team.
His firm Three Black Cats Ltd, which is said to have £5 million in the bank, purchased a 55% interest in the club in November 2019, one month before he passed away, so he could gift it to the supporters and put Partick Thistle’s destiny in the hands of the neighborhood.
Mr. Weir also made other wise investments, including about £3.5 million in assets in the tax haven of the Isle of Man and more than £12.3 million in a diverse share portfolio that included holdings in well-known companies like Microsoft (£20,368), Mot Hennessy Louis Vuitton (£19,230), Estée Lauder (£19,813), Tesco (£19,562), AG Barr, the makers of Irn-Bru (£10,0
A significant investment in tax-favored Enterprise Investment Schemes (EIS), under which people may invest in small and medium-sized businesses and get large tax breaks, was also made, totaling over £400,000.
The Weirs intended to spread their good fortune, unlike many winners who choose to leave their hometowns behind.
According to Mr. Weir, the pair, who resided in a three-bedroom detached home in the coastal town of Largs, North Ayrshire, would use their windfall to foster stronger ties with others rather than cutting themselves off from the outside world.
We didn’t want to go away and spend our lives on a remote island without communicating with the people who are essential to us, he said.
They spent $5 million on housing for close friends and the establishment of bursaries for gifted children in the first year after the monetary windfall, in addition to gifts to the neighborhood football team, nursing home, and sports complex.
They offered their former $220,000 home to a young mother who lived next door with her parents rather than selling it.
They are said to have paid $230,000 apiece for five houses in a new development for pals. The second of six children, Mrs. Weir, also purchased homes for each of her siblings.
On the outskirts of Largs, they shelled out £850,000 on a four-bedroom detached property with a cinema, pool, and stables that was nestled on 23 acres of grounds and forest. In 2016, it was sold for £1.4 million to an international trust.
Stories of their generosity are legendary among people in need who came into contact with them, and they established the Weir Charitable Trust to support initiatives promoting health, animal welfare, and public engagement in sport.
Sponsorships included £50,000 for Lee Craigmile to finish a four-year program at the Florence Academy of Art, £102,000 for the National Sports Training Centre Inverclyde, and £750,000 for an artificial all-weather field at Largs Thistle, where football-obsessed Mr. Weir was made honorary president.
Kieran Maxwell, 13, of Heighington, County Durham, had lost a portion of his leg due to a rare and severe type of cancer. The pair spent five figures on a new prosthetic limb for him in August 2012.
The 18-year-old athlete unfortunately passed away from Ewing’s sarcoma in June 2017 at the young age of 18. The Weirs were one of the sponsors that contributed to the £50,000 raised to send Largs, Scotland’s Ross Wilson, a 15-year-old tennis pro, to a tennis academy in Barcelona, Spain.
They donated $100,000 to help rescue the ailing ship and partially finance its repair after becoming concerned about the danger facing the Waverley, one of the last paddle steamers in the UK, which was constructed in 1946.
In order to provide money for his children, their partners, and any descendants, as well as trusts and charities near and dear to his heart, a discretionary trust was established and is currently managing what was left of Mr. Weir’s estate. Friends believe that his generosity will be his lasting legacy.
Spending £40 million in eight years requires some effort, but it is probable that the majority of the money was used to establish Trusts for his family and other interests, according to a financial expert. It seems that he left behind a highly prudent, secure portfolio.
»Britain’s biggest lottery winner spent £100,000 a week before dying«