I would probably get a plot of land and have construction started on a home. Along with that, I'd also purchase two or three smaller homes as rental properties. The rest would be banked until the next check.

TIP: If you play the lotto, don't go for a lump sum payout if the jackpot is less than $750,000. Better to go annuity in most cases...pace yourself with all that do and get as much of the full payout as you can.