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Started By
Message
$2B Powerball winner is already burning his money up
Posted on 9/20/23 at 9:02 am
Posted on 9/20/23 at 9:02 am
quote:
He Won the $2 Billion Powerball Jackpot. Now He's Snatching Up Swanky Homes Across Los Angeles.
quote:
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.
quote:
Remember Edwin Castro?
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.
LINK
79
Posted on 9/20/23 at 9:03 am to The Egg
Competing with Blackrock.
Posted on 9/20/23 at 9:03 am to The Egg
Sounds like he's just spending money to spend it 
Posted on 9/20/23 at 9:03 am to The Egg
I can think of worse things than Southern California real estate to spend the money.
Posted on 9/20/23 at 9:04 am to The Egg
Dude. Put the money in a high interest account and live off of the interest.
Posted on 9/20/23 at 9:04 am to The Egg
He'll wind up broke, and owing more in debt than he thought was imaginable. Then, he'll kill himself.
Posted on 9/20/23 at 9:04 am to The Egg
So…. It’s his money, let him spend when he wants….
Posted on 9/20/23 at 9:04 am to The Egg
Sounds like he is investing
Posted on 9/20/23 at 9:06 am to GeauxxxTigers23
quote:
I can think of worse things than Southern California real estate to spend the money.
I can't!
Posted on 9/20/23 at 9:06 am to dukke v
quote:
So…. It’s his money, let him spend when he wants….
We're allowed to have an opinion.
Posted on 9/20/23 at 9:06 am to The Egg
He definitely has one of those friends or family memebers that flipped one two bedroom house, profited $2K, and now constantly talks-up real-estate.
Posted on 9/20/23 at 9:07 am to SG_Geaux
quote:
Sounds like he is investing
Yep. Taylor Swift owns like 11 estates across the world.
Do people believe you can just park $600+ million in a bank account?
Posted on 9/20/23 at 9:07 am to TheFonz
I mean it sounds like he's investing at least (hopefully anyway) but...
quote:this would definitely be my play after paying off debt and buying a nice, but modest, house.
Put the money in a high interest account and live off of the interest.
Posted on 9/20/23 at 9:08 am to GetCocky11
You would do the same thing and you know it…..
Posted on 9/20/23 at 9:10 am to Pedro
Pedro… that would be my plan…. Hell I’d still live in the apt we currently live in….
Posted on 9/20/23 at 9:10 am to The Egg
Sounds like he's doing the California "buy, hold and sell" investment program. This may be an investment move that involves advisors and real estate agents. If you have cash and need investment vehicles with a low risk of depreciation, if done well this may produce good results.
Posted on 9/20/23 at 9:10 am to The Egg
I like how everyone becomes a financial advisor to a billionaire on this platform.
Maybe he is spending a lot on real estate but that isn't frivolous? Real Estate is an investment...
Good for him and I hope he lives a very relaxed life now.
Maybe he is spending a lot on real estate but that isn't frivolous? Real Estate is an investment...
Good for him and I hope he lives a very relaxed life now.
Posted on 9/20/23 at 9:11 am to The Egg
quote:
He's already spent $76 million acquiring 3 mansions in California
And still has $922m left for cars and hookers.
Posted on 9/20/23 at 9:11 am to dukke v
quote:
You would do the same thing and you know it…..
Buy multiple houses?
I'm not an idiot, I would make safe investments, set up my family, and live a modest lifestyle full of travel and maybe get a low-stress part-time job.
Posted on 9/20/23 at 9:12 am to Pedro
quote:
this would definitely be my play after paying off debt and buying a nice, but modest, house.
You do you, but if I get over 600 million, modest house isn't the first thing on my mind
Diversify among lots of interest accruing accounts along with real estate is certainly not a bad idea. Not sure this guys plan, but it's not like many idiots of the past spending it on hookers and cocaine.
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