Roger Griffiths spent his prize on luxury cars, business deals and reuniting the rock band he was in as a teenager.
At one point, he earned almost $700 in interest every day, but a series of ill-advised deals resulted in his cash disappearing.
The 42-year-old British father of two took to YouTube and told The Sun that his lottery win had been a "poisoned chalice" after it led to the break-up of his marriage and the loss of the family home.
Mr Griffiths had been working in IT when he scooped more than $2.6 million on a UK lottery in 2005.
He and his wife Lara immediately quit their jobs and threw themselves into a jetset lifestyle, buying a new home, sending their kids to posh schools and taking lavish holidays abroad.
Mr Griffiths also paid close to $50,000 to make a record with his old band, FMB, which ended up selling just 600 copies.
One bad investment turned sour during the GFC, leading to the loss of the couple's home and the end of their marriage.
"I had it all, but now it's gone," Mr Griffiths told the Sun. 'I've been borrowing money from my parents - that's how bad it is."
He has now started working again as a freelance recruitment consultant, but spends most of his income on the bills he racked up during his short-live period of wealth.
"The money I bring in goes on bills I racked up during the heyday and there’s just not enough to cover them. If it wasn’t for my family helping me financially I’d be in trouble. Looking back the lottery win was like a poisoned chalice.”