$1B Powerball jackpot: Downtown Los Angeles store owner reacts to selling winning ticket
LOS ANGELES - The owner of a mini market in downtown Los Angeles is smiling ear to ear after learning his store sold the winning $1.08 billion Powerball jackpot ticket.
RELATED: Someone in California won $1 billion Powerball jackpot
On Wednesday night, it was revealed the winning ticket was sold in Southern California and later, officials said the winning ticket was sold at Las Palmitas Mini Market located at E. 12th and Wall streets.
Las Palmitas is owned by Navor Herrera and the father of 4 says he’s owned the store for the past seven or eight years.
Navor Herrera's downtown LA store sold the winning $1B Powerball jackpot.
Under the Powerball rules in the Golden State, the retailer that sells the winning ticket earns a 0.5% share of the jackpot with the reward capped at $1 million.
On Thursday morning, Herrera was taking it all in and said he plans to take a vacation with his family.
The winner of the Powerball jackpot has yet to come forward, but Herrera believes the winner is local to the downtown LA area.
Later Thursday morning, a check was presented to the mini market during a press conference. However, the Herrera family opted not to give comment and likely remain overwhelmed.
Not only was the winning ticket sold in Los Angeles, but seven other winning tickets were sold in California matching five of the winning numbers. Those tickets were sold at the following locations:
- Speedway: 14360 Francisquito Avenue, La Puente, CA 91746
- 7-Eleven: 2620 South Lake Boulevard, South Lake Tahoe, CA 96150
- 7-Eleven: 3555 West Temple Street, Los Angeles, CA 90004
- 7-Eleven: 1590 Franklin Street, Santa Clara, CA 95050
- Safeway: 4950 Mission Street, San Francisco, CA 94112
- Mobil: 17011 Lassen Street, Northridge, CA 91325
- Steve's Liquors: 583 West Tennyson Road, Hayward, CA 94544
RELATED: Powerball winners: Seven tickets worth over $400,000 each sold in California
California public schools were also a big winner from the massive drawing. Lottery officials announced nearly $80 million was raised for California schools.
"Education is the core of what the lottery is about," a California State Lottery official said.
HOW MUCH DO YOU WIN AFTER TAXES?
There are 1 billion reasons to dream, especially what you would do with the jackpot money. However, one thing all lottery winners have to take into account is the fact that their prizes will be taxed.
RELATED: Powerball payout calculator: How much would you get after taxes if you won?
So how much do you really get after taxes?
It depends on a couple of factors: do you have to pay state taxes where you live? Will you take the lump sum payment or the annuity payout?
According to Powerball's website, those electing to take the annuity option are guaranteed to get 30 gradual payments over a 29-year period.