The richest Powerball winner in United States history has treated himself to a $47 million (C$67 million) mansion in Los Angeles.
Edwin Castro, 31, became an overnight billionaire after winning $2.04 billion (C$2.75 billion) in the California lottery last year.
He also invested in real estate, buying two multi-million dollar mansions in California in just one month – a $25.5m ($33m) property in the Hollywood Hills, followed by a $4M ($5.4M) mansion with views of the San Gabriel Mountains.
Photo taken from X | Edwin Castro is a Powerball lottery winner
Today, Mr. Castro treated himself to the most expensive property he ever owned, buying a $US47 million ($63 million) mansion in Bel Air.
The 4,700 square meter residence has seven bedrooms and eleven bathrooms.
However, the New York Post reports that financial planners called the three houses, as well as the collectible Porsche 911 he purchased, “terrible” purchases.
Financial advisers typically recommend that winners take their big lottery winnings in annual payments rather than all at once, as Mr. Castro did.
Photo taken from X | Edwin Castro is a 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 building,” advises Emily Irwin, managing director of consulting and planning in Wells Fargo’s investment and wealth management division.
These two tips allow lottery winners to enjoy their winnings while ensuring they don’t eventually find themselves destitute due to misappropriation of funds.
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