Posted on 03/09/2023 3:36:11 PM PST by lowbridge
The winner of the $2 billion California Powerball, Edwin Castro, has just dropped $25.5 million on a luxe Hollywood Hills mansion, The Post can confirm.
Castro, who claimed the winning ticket just last month, opted for the onetime lump sum payment of $997.6 million, lottery officials said. (He also had the option to accept payment in an annuity, which would get doled out in 30 graduated payments over 29 years.)
And it looks like he wasted no time putting his new money into some new real estate.
Made up of five bedrooms and seven bathrooms, the sprawling property occupies more than 13,500 square feet of living space.
Castro received a slight discount on the home. It initially listed for $29.95 million.
Standing behind private gates above the famed Chateau Marmont, it was created by Roman James Design and comes with all the luxe amenities imaginable.
Pegged as an “entertainer’s dream,” amenities include a game room, a wine cellar, a movie theater, a bar, and a fitness studio with a hot and cold plunge.
Exterior features include an infinity pool, a spa, two fire pits and a built-in barbecue area.
Panoramic views of Downtown LA to Century City are seen through a wall of Fleetwood glass doors, the previous listing notes.
(Excerpt) Read more at nypost.com ...
He won’t have anything long.
How quickly will the money disappear? Keeping this house up will cost a pretty penny. Paying for staff and upkeep. Taxes too.
California will get most ..if not all of it..back
Beautiful house.
CALIFORNIA
Income tax on that lump sum distro probably close to $490 million.
Can someone check my math?
“He won’t have anything long.”
I agree. First mistake, buying property in CA.
he will get about $34.4 million per year for 29 years.
Surely he can manage to live off of that.
Just what he needs for his recent acquisition of three cases of Night Train and M-80.
you mean that that 997 mil was pre-tax?
Oh, crap. he’s poor now.
Fool and his money are soon parted.
Wait...I don't need to win the lottery now.
A brand new home perched on cliff in a state/city famous for earthquakes. What could go wrong? Also, earthquake insurance covers your structure. That’s maybe a $5M house on a $20M lot. He’s basically paying to have rich/famous neighbors...
What’s the Deadpool betting on this guy look like?
As soon as the Gulfstream jet spoils him, that money will start disappearing fast.
Is that a picture of the winner?
Yep.
What’s with all you people predicting horrible things for this lucky guy? I’m happy for him and wish him well. I also hope he donates a huge amount of money to his favorite charities. That’s what I’d do and so would almost everyone I know.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.