I think I answered this once before, but it wouldn't hurt to go into more detail.
First, I would set aside enough money for college, and maybe a little extra to help out my friends with their educations. (Approx. $60,000)
Then, I would find a nice bit of land somewhere in MN or SD. If South Dakota, i'd like to live in Keystone. If Minnesota, i'd go for somewhere around Caledonia (Very south) or Ely (Very north). I'd like it to be kinda out of the way, hopefully tucked between a few hills and with plenty of trees and wildlife, but not so far away from town that getting milk or going to work is a huge pain. (~$69,000 for 80 acres in Ely. ~30,000 for 6.5 acres in SE MN. $256,000 for 1 acre w/ house & guest house & a big rock :D) I really, really like the Keystone one a lot because it has a wine cave that I can just use to store all my chocolate milk but let's be real, someone's gonna buy that before I grow up and have that much money which is really sad so let's just go with the Ely approximation.
Next, I would start thinking about my hobbies. I love art, so i'd set aside some $ for a nice studio. I'm not really sure how much it would cost to build one, so let's just assume it's like? $40,000 ?
And I totally skipped over the whole house thing. Why get a lot if you're not gonna build a house? I think i'd go with a 4bed, 3bath country-style house that has plenty of windows? Like, a lot of windows. Natural light is so much better and cheaper than artificial light. I'll give this one about $450,000 ? Gives me some breathing room?
And finally, i'd put the remaining ~$381,000 in the bank, try to earn as much interest with it as I can. Not too bad a plan, eh? Fairly realistic, I think.