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Powerball winner Edwin Castro splurges on new $47M LA mansion in latest lavish purchase after $2B win
https://nypost.com/ ^ | September 12, 2023 | Hannah Frishberg

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 ...


TOPICS: Business/Economy; Computers/Internet; Education; Society
KEYWORDS: lottery; nouveauriche
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To: j.havenfarm

“ The average property tax rate in LA County is .82%, so property taxes on the new crib are $400K a year”

He got 900 million lump sum — I don’t know it it’s pre-tax or not.


41 posted on 10/10/2023 9:57:59 PM PDT by ifinnegan (Democrats kill babies and harvest their organs to sell)
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To: Jonty30

A mere $299,061,975.


42 posted on 10/10/2023 9:58:15 PM PDT by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
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To: Jonty30

On $1 million expect 33% minimum taken from you for taxes.
So thats $700,000 .

You then are taxed again on income for that year.

You also get taxed “Luxury Tax “ on those cars and houses you couldnt wait to have as well which is where these idiots screw up.

California will carve him into little pieces and spit him out within two years when hes broke.


43 posted on 10/10/2023 10:00:52 PM PDT by DeathBeforeDishonor1 ( )
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To: Jonty30

Travis Tritt. Made his money and got the hell out of Nashville.


44 posted on 10/10/2023 10:02:42 PM PDT by MileHi ((Liberalism is an ideology of parasites, hypocrites, grievance mongers, victims, and control freaks.)
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To: ifinnegan

It’s pre-tax.

The $2.4 billion is the amount that you receive over 30 years by them investing that one-time payment that you can opt for instead. So, he took about a billion as a one-time payout and paid taxes on that, which works out to be about $630 million net.

Depending on the state, the payout could be more or less depending on the taxes in that state.


45 posted on 10/10/2023 10:04:04 PM PDT by Jonty30 (It never rains in sunny Alberta. It always rains in rainy Alberta.)
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To: Jonty30

This guy is on a trajectory to end up broke, or dead, or both.


46 posted on 10/10/2023 10:08:18 PM PDT by noiseman (The only thing necessary for the triumph of evil is for good men to do nothing.)
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To: Alas Babylon!

Chattanooga, Tennessee seems nice.


47 posted on 10/10/2023 10:08:30 PM PDT by Jonty30 (It never rains in sunny Alberta. It always rains in rainy Alberta.)
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To: Jonty30

That would be a wise choice, but Mr. Castro’s appetite for over the top luxury seems much greater than his smarts or his taste.


48 posted on 10/10/2023 10:17:42 PM PDT by Rockingham
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To: TheWriterTX

I’d give him a year. He still has to buy an island, yacht and jet.


49 posted on 10/10/2023 10:27:17 PM PDT by fretzer
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To: Jonty30

Can you even imagine the amount of Junk Mail he’s getting now? Emails, Texts, DMs from Twitter, Paper on top of other paper. “Lucrative” franchise opportunities.

Maybe he should ask Shaq, the retired ballplayer about franchises. I hear he has invested well. Judging from his public persona (lowkey/somewhat goofy), most would not guess Shaq to be good with his money.

If he’s part American Indian, here come the offers to build a casino.


50 posted on 10/10/2023 10:31:14 PM PDT by lee martell
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To: TheWriterTX

“ Unless he has some master plan in mind, he’ll be broke in 5 years.”

It’d be hard to do that with $600M cash.


51 posted on 10/10/2023 10:34:04 PM PDT by ifinnegan (Democrats kill babies and harvest their organs to sell)
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To: Jonty30

Soon to be home to illegal migrants.


52 posted on 10/10/2023 10:38:30 PM PDT by taxesareforever (Islam is an ideology. It is NOT a religion.)
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To: fretzer

He’s also been paying a security team, which must be costing him over $500,000/year.


53 posted on 10/10/2023 10:44:53 PM PDT by Jonty30 (It never rains in sunny Alberta. It always rains in rainy Alberta.)
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To: ifinnegan

Mike TYson did it with $300 million. Johnny Depp burned through $500 million.


54 posted on 10/10/2023 10:46:57 PM PDT by Jonty30 (It never rains in sunny Alberta. It always rains in rainy Alberta.)
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To: CatOwner

You have to pay taxes on a lottery win?

We don’t have to do that....but give Trudeau a bit more time and he’ll rake that in as well.


55 posted on 10/10/2023 11:13:04 PM PDT by JudyinCanada (America's enemies want you to "trust the plan." Fight in reality, not the rabbit holes.)
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To: ifinnegan

He already spent, based on news accounts, $77 million just on property and it hasn’t even been a year. He’s also nabbed several million dollars in vehicles.

The taxes on his 3 homes will run him $770,000 per year. Utilities, maintenance, and landscaping another $200K.

If he continues at this pace, my projection will be very close to accurate.


56 posted on 10/10/2023 11:15:19 PM PDT by TheWriterTX (🇺🇸✝️🇮🇱)
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To: ansel12

True that

I love to visit but I admit I stick to the nice areas where my friends live

Traffic and campers are an issue though


57 posted on 10/10/2023 11:16:39 PM PDT by wardaddy (Why so many nevertrumpers with early sign ups and no posting history till now? Zot them PTB)
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To: TheWriterTX

He’s also paying a security team and that must be costing him $500,000/year or more.


58 posted on 10/10/2023 11:19:13 PM PDT by Jonty30 (It never rains in sunny Alberta. It always rains in rainy Alberta.)
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To: EEGator

He has two thousand millions.


59 posted on 10/10/2023 11:24:04 PM PDT by JohnnyP (Thinking is hard work (I stole that from Rush).)
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To: Jonty30; Pelham

It’s his cash but I’d seek investment security and maybe do some biz of my own with half

Live on secure income from the other half

Id buy property outskirts of towns like north Dallas Austin Nashville charlotte and Maybe speculate in New Orleans cause I like it

Nice digs in garden district and uptown are still cheap comparatively

And hipsters who like it or not are bellweathers love Nola like they do Nashville and Austin

Look for undervalued businesses that need better and more detached mgt and at good cap rates

Short petroleum some hoping trump gets elected

Maybe even five million in naked options on an invst vehicle hoping that direction

Give some to Pelham to invest on a wrap for me
He’s better than me at that

Yeah I could stay busy


60 posted on 10/10/2023 11:24:29 PM PDT by wardaddy (Why so many nevertrumpers with early sign ups and no posting history till now? Zot them PTB)
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