2023-09-28 00:01:24
The richest Powerball winner in the history of the United States has treated himself to a huge mansion worth $47 million (C$67 million) in Los Angeles.
Edwin Castro, 31, won $2.04 billion (C$2.75 billion) in the California lottery last year and became a billionaire overnight.
He has since invested in real estate, purchasing two multi-million dollar mansions in California in the space of just a month – a $25.5m ($33m) property in the Hollywood Hills, followed up close by a $4M ($5.4M) mansion with views of the San Gabriel Mountains.
Photo taken by X | Edwin Castro Powerball Lottery Winner
Now Mr. Castro has treated himself to the most expensive property he has ever owned, purchasing a $US47 ($63 million) mansion in Bel Air.
The residence, located on 4,700 square meters of land, has seven bedrooms and eleven bathrooms.
Financial planners, however, called the three homes, as well as a collectible Porsche 911 he purchased, “terrible” purchases, the New York Post reports.
Financial advisers generally recommend that winners take their large lottery winnings in annual payments, rather than in a lump sum, as Mr. Castro did.
Photo taken by X | Edwin Castro Powerball Lottery Winner
They also recommend that lottery winners consult a financial planner.
“Don’t change anything in your life. Don’t quit your job, don’t buy a Ferrari, don’t buy a mansion,” advised Emily Irwin, managing director of consulting and planning at Wells Fargo’s investment and wealth management division.
These two tips allow lottery winners to enjoy their winnings while ensuring that they do not eventually find themselves destitute due to mismanagement of funds.
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