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Started By
Message
re: $2B Powerball winner is already burning his money up
Posted on 9/20/23 at 9:12 am to The Egg
Posted on 9/20/23 at 9:12 am to The Egg
quote:
Castro collected a lump sum payment of $628.5 million after taxes.
quote:
He's already spent $76 million acquiring 3 mansions in California.
this is like winning $100 on a scratch off ticket and buying a case of beer
1
Posted on 9/20/23 at 9:12 am to The Egg
dude is living the life. i don't see a problem with it.
Posted on 9/20/23 at 9:13 am to GetCocky11
Ok. I can de as l with hhat.
Posted on 9/20/23 at 9:13 am to The Egg
Real estate is prob the best long term investment out there. Good for him.
Posted on 9/20/23 at 9:13 am to The Egg
quote:
His most recent purchase is a $47 million compound in Bel Air.
I can't imagine ever buying a property like.
I'd probably have condos everywhere though. Anywhere I may want to go ever, I'd just buy a condo there.
Posted on 9/20/23 at 9:14 am to GetCocky11
never the type to pocket watch but baw is probably banking on some celebrities to be interested in his properties in the future
Posted on 9/20/23 at 9:14 am to The Egg
quote:
His most recent purchase is a $47 million compound in Bel Air.
I see he's downsizing and living a modest life now
Posted on 9/20/23 at 9:15 am to The Egg
I would definitely buy real estate and buying it in LA is not a bad idea, but going the 47 million dollar mansion route is a little risky. You probably want to find undervalued properties that have a chance to go drastically up. (and maybe that one will but maybe go the 10-20 mill route lol).
the only extravagance I would really consider spending on would be private plane. G5 or Embraer with international capability so I wouldn't have to fly commercial ever again.
the only extravagance I would really consider spending on would be private plane. G5 or Embraer with international capability so I wouldn't have to fly commercial ever again.
Posted on 9/20/23 at 9:17 am to patnuh
quote:
He's already spent $76 million acquiring 3 mansions in California
quote:
And still has $922m left for cars and hookers.
If he took the $628 Million payout...he ONLY has around $550 Million left.
Posted on 9/20/23 at 9:18 am to The Egg
If you won $625 and spent $76 nobody would bat an eye...but when it's in millions people think he will go broke. Doesn't sound like he is doing a brewsters millions thing here since those properties have value
Posted on 9/20/23 at 9:19 am to The Egg
I guess purchasing real-estate is not a bad investment. 
Posted on 9/20/23 at 9:19 am to dukke v
quote:I'd buy a few houses across the country, but not mansions.
You would do the same thing and you know it….
I'd be .ost worried about how the winnings would impact my kids and their drive to have careers and to make something of themselves besides the wealthy children of a powerball winner.
Posted on 9/20/23 at 9:20 am to Fun Bunch
quote:
47 million dollar mansion route is a little risky
It is not that risky, if he has a long term hold plan. The risky part to me, is 3 homes in the LA area and not the cost of each home. All 3 homes value are subject to the same environment.
Posted on 9/20/23 at 9:20 am to MrJimBeam
quote:
You do you, but if I get over 600 million, modest house isn't the first thing on my mind
Even with $600 million, I don't want to maintain all that or pay someone to do it
I'd buy a regular house in a HOA. We all have our particular things that make us happy.
Posted on 9/20/23 at 9:21 am to dukke v
quote:
Hell I’d still live in the apt we currently live in….
Then what would be the point of having a billion dollars
Posted on 9/20/23 at 9:22 am to Pedro
quote:
this would definitely be my play after paying off debt and buying a nice, but modest, house.
At least living off the interest alone will keep you somewhat sane. It would be more than any family would need to pretty much live a life of leisure for generations and (hopefully) not become total assholes.
Unless the bottom falls out, in which case it really wouldn't matter anymore.
This post was edited on 9/20/23 at 9:23 am
Posted on 9/20/23 at 9:22 am to Jake88
I can understand this. I would not have that problem.. I’d take care if everyone I want to and they can do what they want. Grandkids would be a different story. I’d open accounts for each that they can’t touch until they are 18.
Posted on 9/20/23 at 9:22 am to The Egg
I would personally buy tracts of land as opposed to Mansions that require a lot more oversight but if that's what he wants. I just hope its a true investment and he's not letting a bunch of moochers move in and destroy these places. Maintenance and taxes can stack up on these kind of places.
Posted on 9/20/23 at 9:22 am to StringedInstruments
quote:
Taylor Swift owns like 11 estates across the world.
She also is still bringing money in.
What he has is basically all he’s gonna have, and he’s gonna have to pay for taxes and upkeep on these properties
Posted on 9/20/23 at 9:23 am to The Egg
I would start a capital investment firm and buy up commercial properties. I would grow it so large, I would become tired of it and then become an evil empire like Blackrock or Vanguard. Buy up all you puny poor bitches homes and price you out until you become homeless and then frick your wives.
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