Billionaire Powerball winner Edwin Castro’s ‘terrible’ purchase: $73 million LA mansion
The richest Powerball winner in US history has bought a massive $73 million mansion in Los Angeles – the latest in a string of stunning real estate purchases.
Edwin Castro, 31, won $2.04 billion in a California lottery last year and became an overnight billionaire. He added $997.6 million to his account after coming forward to collect the lump sum.
He has since invested in real estate, purchasing two multimillion-dollar mansions in California in just a month – a $25.5 million estate in the Hollywood Hills, followed shortly by a $4 million mansion overlooking the San Gabriel Mountains.
Now Castro has purchased his most expensive property yet, adding a $47 million mansion in Bel Air.
The new home sits on a 4,700 square meter block and has seven bedrooms and 11 bathrooms.
It also offers almost unimaginable luxuries, including DJ turntables rising from the ground, a champagne tasting room, a wine cellar, a floating glass walkway, a theater and an infinity pool with views of LA.
But financial planners have labeled the three homes – as well as a vintage Porsche 911 that he was seen driving to and from the bank – as “terrible” purchases.
Financial advisors typically recommend that winners collect their big lottery payouts through annual payments, rather than the lump sum that Castro set out to do.
Financial advisors also recommend that lottery winners or other individuals with significant wealth consult a financial planner, tax attorney or other professional to create a plan Assets.
“Don’t make visible changes in life. Don’t quit your job, don’t go out and buy a Ferrari, don’t buy a mansion,” Emily Irwin, managing director of advisory and planning for Wells Fargo’s investment and wealth management division, told the publication.
“Maybe you have student loans you want to pay off, that makes sense. But try to avoid this mega purchase.”
Even the average citizen has an opinion about Castro’s spending.
The comments section on an Instagram post about Castro’s new mansion was full of people sharing their five cents.
“He’s going to go broke as soon as possible,” someone seethed.
“This guy will be broke in less than five years,” another agreed.
As a reminder, while the house is clearly extravagant, it only cost 2.5 percent of Castro’s total lottery winnings.
Other commenters reacted more kindly to the news.
“Damn, enjoy your life bro!” one fan cheered.
“Bro, that’s fire. “Imagine if he could snag some properties in town and multiply his livelihood,” noted another.
