Amid reports of instability within his real estate enterprise, the winner of a $533 million lottery jackpot is placing an $11 million property on the market.
Eight years ago, Richard Wahl’s fortunes dramatically shifted when he won the colossal prize, completely altering his life overnight.
With dreams of early retirement from his product management career and a desire to support his wife, Maria, and her family residing in Mexico, Wahl had committed to making the most of his windfall.
He ventured into real estate by founding RIMA Management & Hospitality in Florida, acquiring a staggering $120 million in properties, including a $10.7 million hotel in Maryland.
However, recent developments indicate that his company is reportedly experiencing significant staff turnover, with many key executives either resigning or being dismissed, according to former RIMA executive David Holzapfel.
The Days Inn by Wyndham Baltimore, one of Wahl’s notable assets, has stopped taking reservations beyond the month’s end and is now listed for sale, as reported by the Baltimore Banner.
Holzapfel told the outlet that three of the RIMA’s other properties in other states have also recently ceased operations.
Holzapfel was with RIMA for many years and said that the company began rapidly losing employees before Christmas.
Richard Wahl won the tenth biggest jackpot in US history in 2018
Wahl bought the Days Inn in 2021 for $10.7 million but listed it in February for an undisclosed price
He said that every corporate manager or executive, including Holzapfel, has since left the company.
The 240-room Days Inn has been listed with the Kabani Hotel Group amid the uncertainty.
A representative for the Baltimore Department of Housing and Community Development said the location has officially shuttered its doors.
It joins three other RIMA properties in other states that have been shuttered, according to Holzapfel.
These include La Playa Resort & Suites in Daytona Beach. According to the Mirror, he bought the 239-room hotel at an auction in 2019 for $13.6 million.
Wahl had plans to turn the property into a timeshare and began restoration work.
But after Daytona Beach officials demanded he replace the property’s seawall, which was partially destroyed by a hurricane, Wahl halted renovations and listed the property for $13 million. The resort has been permanently closed since 2023.
It appears Wahl’s fortunes have altered since he snagged the massive prize in 2018, which was the largest in New Jersey’s history at the time.
The New Jersey resident won $533 million before taxes. At the time, he said he’d use the money to retire and take care of his family
At the time, Wahl said he was going to use his money to help his family and his wife’s relatives in Mexico
The couple came from humble beginnings before Wahl scooped his life-changing winnings.
‘We’re not the type that’s going to run out and spend all the money,’ he told the press.
‘We’re a humble family. We’ll keep our roots.’
He said one of his dreams is to restore a 1963 Corvette, but otherwise, he wanted to help people.
At the time, he told the media that he planned to retire after paying the $100 million he owed in taxes.
He bought the lottery ticket and a Diet Coke with just $22 in his pocket at a gas station in Riverdale, New Jersey.
Wahl said he wasn’t a regular lottery player, but decided to try his luck after talking to a coworker about how they’d retire if they won.
It was only the second time he had ever purchased a ticket.
Wahl waited two weeks to turn in his lottery winnings. He kept the ticket in a fire proof safe
Wahl and his wife double, triple and quadruple checked the numbers to make sure everything truly lined up.
He even kept his win from his family for days before revealing that he was an overnight millionaire.
‘It was truly amazing. Some of my family members were sleeping, so I didn’t go and scream out. I walked upstairs,’ he said.
‘I saw my wife… and said, “Baby, we get to go on vacation.” She said, “What are you talking about? Don’t be an idiot.”‘
Wahl kept his ticket in a fireproof safe for two weeks before coming forward to claim his winnings.
The Daily Mail contacted RIMA, Wahl and Wyndham for comment.
