$2B Powerball Winner Continues Search for New Residence, Acquires $47M Los Angeles Property
A person who recently won a whopping $2.04 billion in the Powerball lottery is using the money to buy extravagant properties in Los Angeles.
Edwin Castro acquired a $2 Powerball ticket at Joe’s Service Center in Altadena, where he was raised. This lucky ticket ended up having the correct combination of numbers on November 7th, 2022: 10-33-41-47-56 and the red Powerball 10.
After claiming his prize in February, Castro chose the one-time cash payment of $997.6 million, which ultimately translated to around $628.5 million after federal taxes. Since California doesn't have a state tax on lottery winnings, he saved even more.
Edwin Castro was an incredibly young 31 years old when he became incredibly wealthy. He has now decided to invest his wealth in purchasing grand estates in Los Angeles County.
Castro's first acquisition occurred in March, spending $25.5 million in cash on a house in the Hollywood Hills. This luxurious residence spans over 13,500 square feet, boasting five bedrooms, seven bathrooms, and famous neighbors such as Jimmy Kimmel, Ariana Grande, and Dakota Johnson.
Property Acquisition Spree
Financial advisers typically advise lottery winners not to make hasty purchases after life-changing winnings. "Don't rush out and buy a Ferrari or a mansion," said Emily Irwin, Managing Director of Advice and Planning at Wells Fargo's Wealth & Investment Management. "If you have loans, pay them off- that makes sense. But avoid mega purchases."
However, Castro is not following Irwin's advice. Just a few weeks after buying the Hollywood Hills mansion, he spent $4 million on a property in Altadena. This 3/4 acre land contains five bedrooms, five bathrooms, and a saltwater pool and is located less than three miles from where Castro bought the lucky lottery ticket that completely changed his life.
Not done yet, Castro further browsed through luxury real estate listings across Los Angeles with celebrity realtor Mauricio Umansky, who has appeared on The Real Housewives of Beverly Hills. Together, they discovered a $47 million compound in Bel Air overseeing Los Angeles City. The residence offers seven bedrooms, 11 bathrooms, and an infinity pool featuring a stunning panorama of downtown LA.
Castro's buyings have amounted to more than $76.5 million before embarking on realtor fees and closing costs. The winner has also been seen driving a $250K vintage Porsche 911 around Los Angeles.
Progressing Jackpot
The Powerball jackpot steadily grows in value and will soon make someone a billionaire. The jackpot for Monday evening's Powerball draw is an estimated $638 million, equivalent to $304.2 million in cash.
At $638 million, this prize stands as the tenth-largest ever in Powerball history. The last time a jackpot was won was during the July 19 drawing when a player from California won a monumental $1.08 billion.
The jackpot won by Castro was the highest in Powerball history and was the only time it exceeded $2 billion.
In summary, Edwin Castro, the winner of a massive $2.04 billion Powerball jackpot, has been investing in lavish real estate across Los Angeles County. His purchases include a $25.5 million Hollywood Hills mansion hosting well-known neighbors, a $4 million Altadena property, and a $47 million Bel Air compound. This paraphrased version of the original text details how Castro's spending have accumulated to over $76.5 million before additional realtor fees and closing costs. He's also been seen driving a $250K vintage Porsche 911. Still, the Powerball jackpot grows, with its upcoming drawing estimated at $638 million.
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