Edwin Castro, the American who had his life completely changed when he scored the biggest lottery win ever in the United States late last year, is letting his money flow. The $2 billion Powerball superjackpot winner recently purchased a mega-mansion in Los Angeles' famous Bel Air neighborhood. Price to pay: 47 million. And he had already bought two spacious houses in Los Angeles in recent months. Financial experts doubt whether Castro is making the right choices with his fortune.
Edwin Castro was 31 when he won the incredible and record-breaking $2 billion Powerball superjackpot in November 2022 – the biggest win ever in a US lottery. The American probably often thinks back to the moment he bought the winning ticket at this Joe's Service Center gas station in Altadena (near Los Angeles) for 2 dollars (1.9 euros). The odds of winning the American lottery superjackpot were 1 in 292.2 million. The seller of the winning ticket shared the joy: he received a sales bonus of one million dollars (939,000 euros) from Powerball.
The winner could either see the money paid out over a 29-year period or receive a larger but smaller amount. Powerball winners usually opt for the one-time payment. Castro, who officially claimed his winnings in February, also preferred to cash out immediately ‘lump sum' of 997.6 million dollars (937 million euros). After the required federal tax deduction, $628.5 million, or 590.4 million euros, ultimately ended up in his account.
Like it or not, California state law requires lottery winners to reveal their full name. And because everyone now knows that Edwin Castro is the winner of the largest lottery win ever made in the United States, his new life as a millionaire is closely followed and his most notable purchases make the headlines.
Shortly after his victory, Castro immediately purchased two spacious homes in Los Angeles with his newfound fortune. This month, this incredible $47 million megamansion in Bel Air was added. One of the types where you need a map to find your way from the toilet to the living room. The gigantic white and gray bowl was sold by famous real estate agent Mauricio Umansky. It has seven bedrooms and eleven bathrooms and a large infinity pool with spectacular views of Los Angeles.
The house has a large bar, a glass-enclosed wine cellar, a separate champagne tasting room and a huge home theater
The glass-walled lobby features a swimming pool-sized koi pond. There is also a suspended glass walkway and a waterfall. Plus, it's clearly a party house: there's a large bar, a glass-walled wine cellar, a separate champagne tasting room and a huge home theater. Castro can fully unleash his inner beast on big DJ decks. Even those sitting in the pool can feel the beats. Rooms feature large walk-in closets, private sitting areas, and large bathtubs.
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Here's what we know about his two other houses
US media reported in March that the lottery winner had purchased his first-ever million-dollar home shortly after his alleged win: a hyper-modern complex worth $25.5 million (€24 million). ) in the Hollywood Hills, where celebrities such as Leonardo DiCaprio and Ariana Grande also live. The brand new three-story estate features five bedrooms and six bathrooms and large glass walls in the back that can be completely opened to take full advantage of the magnificent views of the Sunset Strip, among others. There is a fully equipped outdoor kitchen, a fitness room, a spa, a wine cellar, a games room and of course an infinity pool.
THE Los Angeles Times wrote in March that it was the most expensive sale of the year in the Hollywood Hills and the most expensive home sale ever in that particular neighborhood. Castro was able to negotiate a reduction in the price, as the house was initially sold for just under $30 million (€28 million).
A week later, Castro bought a Japanese-inspired villa worth 4 million (3.8 million euros) about 30 kilometers away, in his hometown of Altadena. The house is not far from the gas station where he bought his winning lottery ticket and not far from where he grew up. The house has five bedrooms and five bathrooms, its own home theater, private office and is full of artwork. It offers stunning views of the San Gabriel Mountains.
Castro spent at least $76 million (71 million euros) on real estate alone. He has been seen in the houses himself several times and therefore does not seem to rent them. In April, he was spotted in another notable edition: a vintage Porsche worth at least $250,000 (235,000 euros).
1 million in maintenance
Some American financial experts have doubts, they say in the economic magazine Fortune. For example, they point out that the first $25.5 million million dollar home in the Hollywood Hills can cost at least $255,000 (240,000 euros) or even $1 million (940,000 euros) per year. year just in maintenance.
Regardless, financial experts instead recommend collecting lottery winnings over a 29-year period, although the vast majority opt for the one-time payment. The latter option means you have all your money immediately and can invest immediately, and many prefer this option to avoid long-term tax implications. But installment payments also provide tax benefits, ensure a steady flow of income and prevent overspending.
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