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While many people daydream about how they would spend their billions in winnings if they were to win a major lottery drawing, one lottery winner in California is bringing his dream to life by directing his newfound fortune into luxury homes.
According to a report in The Independent, Edwin Castro won the $2 billion Powerball lottery jackpot last November and he is using the money to build a real estate portfolio. In March, he acquired a 13,578-square-foot home in swanky Hollywood Hills for $25 million – which was something of a bargain, as the seller was seeking $30 million. Weeks later, he spent $4 million on a five-bedroom, five-bathroom luxury home in Altadena, which is Castro’s hometown.
This month, Castro ventured to exclusive Bel Air to purchase a $47 million estate from celebrity realtor Mauricio Umansky. The property features, seven bedrooms, 11 bathrooms, an infinity pool overlooking the city, DJ turntables, a suspended glass walkway, a champagne tasting room and a “swimming pool-size koi pond” surrounded by glass walls.
Castro accepted his lottery winnings as a lump sum, and after taxes he is expected to pocket around $629 million – which is a very generous return for a $2 ticket purchased at a gas station.
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Purchased ub a lump sum! Goodness, what kine of financial advio did he have!