Several states (including my home state) have conducted extensive lottery studies. One of the big takeaways is how rapidly a significant segment of big money winners spend their winnings, with most returning to their former, usually crappy standard of living within a few years. Even with multi-million-dollar payouts, it turns out you can only buy a finite number of sports cars, hookers, blow, and trips to Vegas.
Of course, anecdotal examples abound outside the lottery, as well. In his heyday, Mike Tyson burned through $430 million ($700 million in current dollars), his spending spree ending with bankruptcy in 2003.
As the saying goes, 'A fool and his money are soon parted', and Nick Rekieta is irrefutably a fool, so yes, it's possible.