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 would have liked to have seen Montana.
I assume they made bad investments.
And let people steal it.
Nonetheless, my comment is the same. That’s hard to do.
Say he spends 100 million on houses and has 2 million per year expenses.
That’s 250 years.
If he spent 1 million a month more his money would run out in 35 years.
And he still have two very valuable houses.
One would have yo work hard to go broke.
Cheaper than Nashville where my last home there was 5800 a year on 529,000 home in green hills
My effective tax rate in my little horse place near Franklin tn was 4800 or .43%
Just sold it for twice that so it’ll go up
Kali money ironically
That’s just the property tax rate on his probably in advisable purchase of multiple mansions. The 900m is pretax so less 39% fed no state tax in CA on lottery winnings. He’s burning through it as fast as he can. As others have said, TMI and maintenance in all those houses is going to be a fortune every year
I have listened to the sorts of lives that have followed huge lottery wins and truthfully, I’m not sure I would like what comes with that kind of money.
People from everywhere are constantly asking for money. Friends. Family. Strangers. And it’s constant. Keeping your current friend circle would be extremely challenging to impossible. That’s from a friend of mine who’s best friend came into $20 million. They slowly started hanging out less and less because his friend didn’t have to work anymore and my friend did. His circle of friends slowly changed and they fell out of contact.
Everything changes with this sort of money. A lot of it seems very very tiring.
He keeps pushing his face and cash in public, he’ll regret it. Not a real smart guy.
I think so as well. I thought he might be smarter than this, when he first won.
He may in a lot of trouble one day when he cannot afford his security and his enemies think he’s still rich.
I agree but 500-600 post tax is a lot even with 100 million worth of houses.
Buying houses is a good investment.
He needs to avoid shady financial managers, sponges, investment scammers.
Trump teased the idea of luxury beachfront resorts, golf courses, investment opportunities, etc. with a video he showed at their summit meeting.
Imagine what rich investors could do with that coastline!
-PJ
He may be falling for the fallacy of money beyond counting will last forever.
Edwin.
God bless you. Have fun. Give some to Charity.
Same here. One is just asking for trouble when purchasing real estate or establishing a business in Los angeles.
After looking into it a little, this guy is already being sued by two men who claim he stole the ticket from them…and he does not know them! That one thing requires lawyers. Expensive. Bet they won’t exercise much generosity in “billing judgment” knowing he’s loaded.
He’s Ed”win” for a reason, right?...So just let him keep on winning (right?). /s
Yeah.
But 500 million is a lot. He gets 600, buys houses totaling 100.
That’d be spending a million dollars a month for 40 years, and he’d still own houses worth well over a hundred million.
If he changes, he might make it last his lifetime. If he continues, as he is continuing, it won’t.
It’s certainly possible.
I wonder what his property taxes are going to be like
He appears to be not too bright.
I know that I wouldn’t have been so conspicuous about spending. I have a few things that I would have wanted, but not $100 million in property.
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