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re: $2B Powerball winner is already burning his money up
Posted on 9/20/23 at 9:24 am to dukke v
Posted on 9/20/23 at 9:24 am to dukke v
quote:
Grandkids would be a different story. I’d open accounts for each that they can’t touch until they are 18.
Ah, hell. I'd make it 25 or even 30. Let them finish college and live in the real world for a few years. I couldn't imagine handing a large lump sum of money to an eighteen year old today. They would piss it away so quick.
This post was edited on 9/20/23 at 9:26 am
1
Posted on 9/20/23 at 9:24 am to Roy Curado
quote:Are mansions really considered a solid real estate investment? Feel like those go either way a lot on whether the seller makes money or loses money when they sell. Such a small pool of buyers. Plus just the upkeep is a financial drain.
Maybe he is spending a lot on real estate but that isn't frivolous? Real Estate is an investment..
It’d be more understandable if he bought one for his parents, one for himself, and the other for a sibling or something. Can’t think of any other good reason for owning 3 mansions in the same city
Posted on 9/20/23 at 9:25 am to patnuh
quote:
And still has $922m left for cars and hookers
And blow. Don't forget the blow.
Posted on 9/20/23 at 9:26 am to RonFNSwanson
I guess I’m not that much of a material guy…. Plus Seger I am at now is super
Quiet and isolated. That means more than having a huge house that I don’t really need. Hell if I had like $50 million I could still set up everyone I wanted to and still live more comfortable than most…
Quiet and isolated. That means more than having a huge house that I don’t really need. Hell if I had like $50 million I could still set up everyone I wanted to and still live more comfortable than most…
Posted on 9/20/23 at 9:26 am to Purple Spoon
I would look at up and coming wine regions in the US to acquire tracts of land. Value of those generally keeps increasing as domestic wine production gets more and more popular.
Posted on 9/20/23 at 9:27 am to Tiger Prawn
quote:
Are mansions really considered a solid real estate investment? Feel like those go either way a lot on whether the seller makes money or loses money when they sell. Such a small pool of buyers. Plus just the upkeep is a financial drain.
It’d be more understandable if he bought one for his parents, one for himself, and the other for a sibling or something. Can’t think of any other good reason for owning 3 mansions in the same city
Well if its in a super desirable area of LA the prices just keep skyrocketing.
But buying Condo complexes and upscale apartment complexes tends to make sense to me.
Posted on 9/20/23 at 9:27 am to The Egg
quote:
He's already spent $76 million acquiring 3 mansions in California.
The article fails to mention if the homes are all for himself. I'm sure the $47 million home is his, maybe the $4 million home is for his parents?
Posted on 9/20/23 at 9:30 am to Topwater Trout
quote:Well he’s going to also have a few million bucks a year in expenses on those houses between property taxes, insurance, utilities, and upkeep.
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 9:32 am to The Egg
Had I won I would have bought a stupid big house on St Charles and a Condo in NYC and a large boat. So I get it. He hasn't spent a 5th of the money and taxes are paid.
Posted on 9/20/23 at 9:32 am to The Egg
quote:
$2B Powerball winner is already investing his money in real estate
OP is a poor?
Posted on 9/20/23 at 9:33 am to Purple Spoon
quote:
I would personally buy tracts of land
this
Posted on 9/20/23 at 9:34 am to Tiger Prawn
quote:
Are mansions really considered a solid real estate investment? Feel like those go either way a lot on whether the seller makes money or loses money when they sell. Such a small pool of buyers. Plus just the upkeep is a financial drain.
It’d be more understandable if he bought one for his parents, one for himself, and the other for a sibling or something. Can’t think of any other good reason for owning 3 mansions in the same city
surprised no one has mentioned franchising in the thread, Shaq has made bank doing it
Posted on 9/20/23 at 9:36 am to Volvagia
quote:
What he has is basically all he’s gonna have,
What? What if he parks let's say 400million in a modest account making 5%. All he's gonna have is making pretty damn good.
This post was edited on 9/20/23 at 9:38 am
Posted on 9/20/23 at 9:36 am to The Egg
The life/curse of a lotto winner. This dude is just living under a microscope now. Can’t spend his money without someone writing an article and people half a country away debating about it on internet message boards.
Posted on 9/20/23 at 9:39 am to Pedro
quote:w 620 million nothing I would do would be modest. The only thing about my life that would be modest would be me and my kids.
be my play after paying off debt and buying a nice, but modest, house.
I would live on my jet.
This post was edited on 9/20/23 at 9:40 am
Posted on 9/20/23 at 9:39 am to Celery
quote:
The life/curse of a lotto winner. This dude is just living under a microscope now. Can’t spend his money without someone writing an article and people half a country away debating about it on internet message boards.
better than having to work into your 60's
Posted on 9/20/23 at 9:41 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.
Lol @ people saying he is blowing the money. He still has half a billion as a safety net.
Posted on 9/20/23 at 9:42 am to Tiger Prawn
quote:
Are mansions really considered a solid real estate investment?
in LA? Absolutely.
Posted on 9/20/23 at 9:42 am to The Egg
I would probably buy a million dollars worth of land and then hire some farm workers. Some good legit dudes that I can see myself being friends with for life. Build them a house and have them work the field. Marry their sister. Jk but I wouldn’t buy any fancy properties or anything. Maybe a nice 500,000 house in whatever small town my land is near
Posted on 9/20/23 at 9:44 am to justaniceguy
None of you would do any of this because there would be a very large money management and investment firms, probably several of them, handling your money for you, and they would be buying properties all of the time and selling them, and things like that.
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