Posted on 10/10/2023 8:58:05 PM PDT by Jonty30
Edwin Castro, who won Powerball’s record-breaking $2 billion jackpot this February, isn’t quite done spending his newfound cash on luxury real estate.
The lucky lotto player has already purchased at least two other California mansions since coming into the money this past winter — and now he has splurged yet again, this time on a $47 million compound in Bel Air.
Castro’s newest crib brags seven bedrooms, 11 bathrooms, and an infinity pool with panoramic views of Los Angeles, the Daily Mail first reported.
The 31-year-old’s newest home further boasts DJ turntables, a champagne tasting room, a suspended glass walkway, a wine cellar, and a theater.
There are walk-in closets and sitting areas in the bedrooms, and an enormous koi pond in the entry area.
Castro’s other abodes aren’t far away.
The first property he purchased, for a cool $25.5 million after claiming his one-time lump sum payment of $997.6 million, is in the Hollywood Hills — and features five bedrooms and seven bathrooms spread over 13,500 square feet.
(Excerpt) Read more at nypost.com ...
I’m no financial genius, but I think it’s unwise to spend $100 million on property, if you’re not generating the level of income necessary to keep it. Most of the rich people, who buy large properties, tend to use them to generate more wealth to pay for themselves.
Buying at the height of a real estate bubble.
The costs after the purchase of a large property in California (property taxes, utilities, maintenance) are not trivial.
If I had two billion dollars, the last place I would spend it on would be LA.
No kidding.
Cash payout was around one billion. After taxes, probably closer to 630 million. Paying 25-50 million per mansion can burn through that rather quickly.
Los Angeles is a great town to be super rich in.
Unless he has some master plan in mind, he’ll be broke in 5 years.
Unless he has some master plan in mind, he’ll be broke in 5 years.
A nice spread in Oregon or Washington would have been my choice. For me, that’s the best year-round climate in the US. However, I’d be far enough away from the cities to put them on ignore.
California is great if you're rich and can isolate yourself from California's many dysfunctions.
Believe it or not, there's plenty of awesome neighborhoods with great public schools, shopping, and healthcare in SoCal, priced well out of reach from the riff-raff and poors. These neighborhoods enforce vagrancy laws as well.
If I won this cash, I'd have no problem buying a multimillion dollar home on Coronado Island, for example. A place, believe it or not, where Trump signs outnumber homeless bums.
It certainly looks that way to me.
The guy is certainly lucky.
Maybe Meghan Markle will introduce him to her in-laws.
Broke and/or dead in 5 years.
That's no joke. These places need a lot of upkeep or they'll fall into disrepair quickly.
You pretty much have to employ a full-time staff to stay on top of it all.
The people who go broke are the lottery winners who win $2 million and spend like they won $3 million. That's easy to do.
This guy cleared nearly a full billion. Going broke will be possible but a very difficult task.
He's richer than Taylor Swift.
I used to live in Coronado, above the pizza place on the main drag.
Once he realizes that it is all gone, possibly both.
No, he didn't. He got a cash payout of one billion, but he also owes Federal income taxes on that one billion. Pretty much all of it at 37%, so he really cleared around 630 million. Still a lot, but a bit less impressive.
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