SalemNews.com, Salem, MA

Local News

September 28, 2011

Peabody store sells $1 million scratch ticket

PEABODY — The Summit Variety store at 145A Summit St. sold a $1 million winning lottery ticket last week.

The ticket was one of only 10 grand-prize winners in the more than 30 million tickets printed in the Black Pearls $5 instant scratch-off game. It is the second winner since the game was introduced by the Massachusetts State Lottery in August.

George Ferullo, a certified public accountant from Peabody, claimed the prize on behalf of a client who wished to remain anonymous. The client is local, Ferullo said in an interview.

For selling the winning ticket, Summit Variety will receive a $10,000 commission on the sale.

The winner selected the cash option on the grand prize and received a one-time, lump-sum payment of $455,000. After taxes, the prize will be in the upper $300,000s, Ferullo said. The other option is to receive annual payments of $50,000 for 20 years.

About 75 percent of big winners take the lump-sum option, according to Beth Bresnahan, director of marketing for the Massachusetts State Lottery.

In an average year, the lottery gives out $3.1 billion in prizes and does $4.4 billion in sales, Bresnahan said.

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