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 ...
And he’s already spent about $100 million of that, in just one year.
The property taxes on that 100 million in real estate is costing him over one million a year in property taxes in southern California.
I’m sure North Korea has some beautiful spots in it too, but I sure don’t want to live there.
I’d buy land in the country. Big acreage. Farm land, forest, lakes, rivers, ocean or bay front.
North, South or West.
A small house or cabin with a workshop and a garden on the property.
Wouldn’t need or want much else.
I used to live in a one bedroom apartment by the high school when it was just my wife and I. I work on NASNI but now with a family, can't possibly afford to live there.
Coronado is truly beautiful. A gem of Southern California luxury.
He’s bigger than US Steel.
I have no idea how my post related to North Korea.
You're very right about that Jonty. I think our "lottery winner" has some financial lessons in his future.
I don't wish Castro any ill luck... but as so often happens, those who come into MILLIONS are soon separated from their money like many of our HIGH PAID athletes have experienced.
Being located in Tennessee, I witnessed former NCAA Champion and Texas Quarterback Vince Young who signed for BIG MONEY with the Tennessee Titans and eventually ended up BROKE and had a nervous breakdown as well.
When you come into that kind of BIG MONEY you are simply TRADING YOUR OLD SET of LIFE PROBLEMS for a NEW SET of PROBLEMS!... and quite often, some painful NEW LESSONS come with the PROBLEMS.
If he parked his money and lived off the interest, he would have an amazing life.
The problem is that unless his money is generating money, it will eventually run out.
Singers, actors, performers get royalties for their work long after they retire.
Lottery winners are one and done. If you don’t manage it, it will evaporate out from under you.
At least he’s investing it in assets, instead of mayhem and foolishness.
“I have no idea how my post related to North Korea.”
California/North Korea, same same. If I had a $Billion, I’d find a free state.
Organizers could spread that billion among 1000 winners.
The average property tax rate in LA County is .82%, so property taxes on the new crib are $400K a year, more or less. I agree with the other commenters on these real estate purchases: A fool and his money are soon parted
https://smartasset.com/taxes/california-property-tax-calculator#LD6x4lid4a
He has no choice but to live in a place like that. He’d have a large target on his back if he stayed in his old neighborhood.
I would have chosen to live in a high-secure building for a few years and use my lawyer as a front when buying anything.
How much?
For me, large mountain acreage, river runs through it, nice smaller house. And prep.
First he should have left caulifourkneeyuh!
I love your plan. Same for me, except in Washington or Oregon, just because I like the climate.
Michael Keaton Jr, when he left Hollywood, bought a 500 acre spread in Montana where he spends most of his time.
If I won 2 billion $$$, I would use it to end hunger in the world. 🙄
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