He Won the $2 Billion Powerball Jackpot. Now He's Snatching Up Swanky Homes Across Los Angeles. Thirty-one-year-old Edwin Castro took his winnings as a lump sum.
By Amanda Breen
Key Takeaways
- Castro collected a lump sum payment of $628.5 million after taxes.
- He's purchased three fancy houses in the Los Angeles area so far, paying $47 million for the latest.
A lot of people fantasize about what they'd do if they won the lottery, but California resident Edwin Castro is actually living out the dream.
Castro bought the winning $2 billion Powerball jackpot ticket at an Altadena gas station in November 2022, then came forward to collect his prize in February of this year. Now, he's using it to buy fancy houses across Los Angeles, USA Today reported.
Related: Winning $2 Billion Powerball Ticket Sold in California | Entrepreneur
The 31-year-old opted for the $997.6 million cash option, which granted him $628.5 million after required federal tax withholdings, per the outlet. Some financial advisors suggest winners take the money in installments rather than a lump sum to avoid financial blunders and major losses, CNBC reported.
Remember Edwin Castro?
— John Pompliano (@JohnPompliano) September 13, 2023
He won a record-breaking $2 billion Powerball jackpot earlier this year and opted to take a lump sum of $998 million.
He's already spent $76 million acquiring 3 mansions in California.
His most recent purchase is a $47 million compound in Bel Air. pic.twitter.com/BZrveSSEuI
But Castro is funneling a significant amount of his windfall into Los Angeles-area real estate.
Castro purchased a $4 million Japanese-inspired house not far from where his luck turned at the gas station, a $25.5 million residence in the Hollywood Hills near those belonging to Ariana Grande and Jimmy Kimmel, and, most recently, a $47 million mega-mansion with a panoramic view of the city.
Related: Maryland Man Wins Lottery Jackpot 15 Times on 15 Tickets
Castro's latest acquisition features seven bedrooms, 11 bathrooms, DJ turntables, a koi pond, an infinity pool, a glass walkway, a wine cellar, and a home theater, according to USA Today. The bedrooms also come with walk-in closets and oversized bathtubs.
