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 ...
Same. And even though I know CA is beautiful, I wouldn’t want to support the Dem machine. I’d go remote in some part of the country. But he’s not me.
From the article: “his one-time lump sum payment of $997.6 million”
You’re right. Spending like that will burn through his money quickly. If he’s buying simply to invest I guess that could be another story. It seems that even in bad times there are the super rich who have no problem handing over cash for these kinds of properties.
But if he’s buying aas a collector, he’s a dope. And in SoCal when people are leaving the state, and when the entertainment industry seems to be relatively unhealthy.
Cash option was $997 million. Taxes on winnings are 37%.
CA state taxes go to 13%. What are yearly property taxes?
Costs on upkeep of 3 mansions?
Scumbag lawyers, accountants, and investors?
Gold digging whores?
Civil suits for the retard who ODs on his property at a party?
I wouldn’t be surprised to see him dead or broke before 2030.
I agree. I’m no financial genius, but I think I have learned a few things over the years. What’s this guy gonna pay in taxes and upkeep? Stupid.
Don’t understand people.. if I won $2b I’d widen my driveway, buy a couple lots below me, build a 2nd garage, fix some things around the house I keep putting off,get a bigger safe, more ammo and make sure the kids and grandkids are set and invest wisely.
I don’t spend what I have now and we live comfortably, have 2 spare bedrooms and bathrooms. Couldn’t imagine a massive mansion.
Probably redo my 2008 F250 and drop in a bigger engine just for kicks.
“I agree. I’m no financial genius, but I think I have learned a few things over the years. What’s this guy gonna pay in taxes and upkeep? Stupid.”
He will be filing bankruptcy before long. Very few lottery winners have made wise decisions with their money. The few I’ve heard of who remained well-off years later made very few changes in their lifestyles but simply paid off their debt. No big new big houses or lavish purchases, but instead trust funds for their grandchildren and donations to local charities. I would like to think I would do the same.
And raise rabbits?
If you ever heard about someone driving a van down the sidewalks of Orange Avenue on a busy Saturday night, that was me.
Buying three mansions in a dying city doesn’t seem very smart to me. He can’t live in three places at one time. There’s nothing wrong with spending money but three mansions will be a drain on his finances. MC Hammer learned about the cost of owning a mansion in LA. I guess a million dollar property in the country doesn’t appeal to him. The city would be the last place I would put $100 million dollars.
Of course, Coronado has been described as “a place where retired Admirals live with their parents” so there may be other factors driving away the element. :)
I would want a nice house, maybe in Wisconsin ( I would love to get the hell outta Illinois. And maybe another one in another part of the country with dark skies where I could star-gaze all night. Have my own observatory.
NY Judge says the property was worth no more than 10M.
That’s 15% spent, in one year. I wonder where the balance is.
Hmmmm... I’m sensing a new Beverly Hillbillies reboot, except hispanic.
Come and listen to my story ‘bout a man named Ed...
Not really. Home prices have been declining some, but in the high dollar space, it seems to remain pretty constant. In his case, he’s not using coupons for 2 for 1 Wonder bread or buy two, get one free Oscar Mayer bologna.
You and I have similar taste. I would horde about $10-20MM in precious metals in areas only I knew, password encripted until I died.
100 acres, near a mountain, on a river with arable fields and a home nestled into the edge of the mountain. Giant garden, a few cows and some chickes and goats. Lots of protection. Solar. Back up generator. Water purification. Plenty of stored fuel.
Watch the sunset while pulling in nice largemouth in my front pond.
Property taxes, the upkeep and maintenance on the 3 mansions alone, not to mention the grounds keeping, pool maintenance, utilities which are probably quite high – thousands+ of dollars a month for each, housekeeping (he’s surely not going to do that himself), the furniture and artwork (and from the pics, that’s high-end furniture and likely picked out by an interior decorator for $$$). And I’m not sure but I think many of these gated communities have exorbitant fees, well more than your average suburban HOA. That all adds up to a lot of money.
Then there are the cars…
Some years ago, my nephew, who had done quite well for himself and became a CEO for a commercial furniture company, decided to splurge and buy a Porshe 911 convertible. It was “previously owned” but only 5 years old and low mileage and he supposedly got a good deal on it.
But his wife, especially after she got pregnant with their 2nd child, wasn’t all too happy as she saw it as impracticable. The car spent most of the time in the garage as he had another car for his daily commutes and his wife a small SUV. So, he only took it out for short joy rides and often alone or with a friend because a 2-seater sports car couldn’t fit 2 kids in car seats so if he wanted to take his wife on a drive, they’d have to get a babysitter.
One day my nephew told me about maintenance costs on his 911 (not to mention the insurance costs). You’re not FWIW going to take your Porshe to Jiffy Lube for oil changes – LOL! He told me it cost him nearly $400 just to replace the headlights. He sold it not long after that conversation, I think he lost money on it.
And how many luxury vehicles has Edwin bought so far?
Some think real estate is always a good investment, but this is not always the case, especially if down the road he needs quick liquidity. These high-end luxury homes often cost a lot to sell and can be on the market for a long time given the limited number of buyers. And you’re not going to list it with just any old broker. The brokers who specialize in these types of properties, their fees can be quite high.
Then there is the fickleness of the types of buyers for these types of properties. While today, the exteriors and interiors may be “in” and of the latest style, 5 years down the road, some buyers might see it as a gut job, and do-over which can drive the price down.
And as someone else mentioned, he can’t realistically live in all three mansions at the same time. So, will he rent out two of the mansions he’s not currently living in? Some gated communities now have covenants that prohibit short term rentals and increasingly so because of the many problems they have caused like parties that cause damage to the property, annoying neighbors with noise, etc., or the filming of porno movies or short-term renters who turn into squatters.
Fools... A small house on the inter coastal and spend the big bucks on off shore high performance boats!!
Sounds perfect!! But I like trout 🤣🤣
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