The small mountain community of Frazier Park, California - located roughly 75 miles north of Los Angeles - has become the talk of the nation this week.
This quaint town, with a modest population of around 3,100 residents, is where the winning ticket for the second-largest Powerball jackpot ever – a whopping $1.76 billion – was recently purchased.
The air in Frazier Park is thick with anticipation and excitement, as one pressing question sweeps the community: Who is the lucky individual that beat the incredible 292.2 million to one odds to win the jackpot?
Well, until we all find out, there is another person who is celebrating - and for good reason.
Nidal “Andy” Khalil is the co-owner of Midway Market & Liquor store, where the history-making ticket was sold. As reported by the New York Post, Khalil is particularly thrilled by the turn of events, as he will now receive a huge payout for selling the winning ticket.
An immigrant from Syria, Khalil has been running the store since 1994. Reflecting on the jaw-dropping news, he told The Post: "I found out about 9:30PM last night, actually through social media. I didn’t even believe it at first. I think this could be the biggest thing that’s ever happened at Frazier Park.
"I hope it is one of my regular customers because we have a few who buy tickets every day."
Apart from the town's burning curiosity about the identity of the winner, there's another significant reason for Khalil's excitement. By virtue of selling the winning ticket, his store is entitled to a cool $1 million prize. The overjoyed store owner plans to reserve a portion of this unexpected windfall for his children's college education.
Meanwhile, Chris Khalil, Andy's nephew who also works at the family store, expressed his elation. With his wedding on the horizon, the additional finances will undoubtedly prove beneficial.
The fervor surrounding the massive Powerball win spread rapidly throughout Frazier Park. Inhabitants, primarily retirees, veterans, and lifelong residents, have been engaging in spirited discussions. There's been an outpour of suggestions, with many hoping the anonymous winner would consider allocating some funds towards the restoration of public parks and other town infrastructure enhancements, per The Post.
Nick Miller, a patron of the nearby Sue's Tavern, humorously remarked on the magnitude of the prize money, comparing it to the fortune of celebrities like Kim Kardashian, adding: "If it was me, I wouldn’t tell anyone because that’s Kim Kardashian-like money. That’s no joke."
But how much will the jackpot winner actually take home? Well, the winner now has the choice to either receive their fortune in one lump sum (the most popular option), or receive annual installments over the next 29 years.
For our recent Californian winner, the lump sum totals approximately $774.1 million - a staggering billion dollars less than the accumulated 30-year payout. The 30-year installment choice, on the other hand, promises $58.3 million annually, before tax.
But then we have to consider the taxman.
If the winner opts for the lump sum, they must brace themselves for a mandatory 24 percent federal tax. That would shrink their fortune to a 'modest' $588,316,000.
However, selecting the annual payments doesn't offer a tax haven either. A hefty 47 percent federal marginal rate applies, slicing each yearly payment to roughly $30.899 million. Over 30 years, this would aggregate to about $926,970,000.
Despite sounding like a lot to give to the taxman, there are certainly worse problems to have.
And with the atmosphere in Frazier Park electric, there's not doubt that the winning numbers – 22, 24, 40, 52, 64, and the red Powerball 10 – are now indelibly etched in the town's history.
