The richest Powerball winner in US history has splurged on a $47 million mansion in Los Angeles, the latest in a string of eye-catching property purchases.
Edwin Castro, 31, won $2.04 billion in the California lottery last year and became an overnight millionaire, adding $997.6 million to his account after coming forward to collect the lump sum.
He has invested in real estate, buying two multi-million dollar mansions in California in just one month – a $25.5 million estate in the Hollywood Hills, soon followed by a $4 million mansion with views of the San Gabriel Mountains.
Edwin Castro, 31, just bought another mansion in Los Angeles. Diggzy/Jesal / SplashNews.com
Now, Castro has splurged on his most expensive possession, adding a $47 million mansion in Bel Air to the mix.
The new home, set on a 4700 square meter block, has seven bedrooms and 11 bathrooms.
It also offers almost unimaginable luxuries including a DJ turntable that rises from the ground, a champagne tasting room, a wine cellar, a suspended glass walkway, a theater and an infinity pool overlooking LA.
The new home, located on a 4700 square meter block, has seven bedrooms and 11 bathrooms.SplashNews.com The mansion includes a champagne tasting room, wine cellar, hanging glass walkway, theater and an infinity pool overlooking LA. SplashNews.comCastro has also purchased a $25.5 million estate in the Hollywood Hills, soon followed by a $4 million mansion with views of the San Gabriel Mountains. SplashNews.com
But the financial planner has, classified the three houses — as well as the vintage Porsche 911 he’s seen driving to and from the bank — as “terrible” purchases.
Financial advisers typically recommend that winners collect their large lottery payouts through annual payments, rather than the lump sum Castro gets.
Financial advisors also recommend that lottery winners or anyone with a large amount of wealth consult a financial planner, tax attorney or other specialist to create a plan, according to sustenance
“Don’t make any visible life changes. 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 in 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 those mega purchases.”
Even the average Joe has an opinion about Castro’s spending.
The comments section on an Instagram post about Castro’s new mansion was filled with people sharing their five cents.
“He’s going broke ASAP,” said one angry.
“This guy will be broke in less than 5 years,” another agreed.
Financial planners see Castro’s recent purchase as a “terrible” one. News Licensing / MEGA
As a reminder, while the house is obviously luxurious, it only cost 2.5 percent of Castro’s total lottery winnings.
Other commentators had a more cordial response to the news.
“Heck yea enjoy your life bro!” a fan cheered.
“Bro that’s fire. Imagine he could grab some properties around the city and multiply the bread,” said another.
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Source: thtrangdai.edu.vn/en/
