Man Who Won R31bn Jackpot Buys Another R800m Mansion, Makes Luxury Purchase in Bel Air USA
- Edwin Castro, the man who made headlines for winning a historic R30 billion Powerball jackpot, is once again in the spotlight
- This was after he splurged on a jaw-dropping R836 million mansion in the exclusive Bel Air neighbourhood of Los Angeles
- This extravagant purchase marks the latest addition to Castro's growing list of luxury properties
Edwin Castro, the record-breaking Powerball winner who walked away with a staggering R31 billion in February 2023, has continued his lavish spending spree.
Source: UGC
How did Castro become a billionaire?
The new billionaire recently purchased a jaw-dropping R835 199 370 million mansion in the exclusive Bel Air neighbourhood of Los Angeles.
This acquisition marks the latest in a series of high-end property purchases by the 31-year-old overnight billionaire, USA Today reported.
Castro catapulted to fame and fortune after winning the historic California lottery and opting for a lump sum payment, boosting his bank account by an additional R11 billion
Since then, he has ventured into real estate, making headlines with extravagant acquisitions.
In just one month, Castro acquired two multimillion-dollar mansions in California: an R400 million estate nestled in the Hollywood Hills.
This was followed by an R71 million mansion offering scenic views of the San Gabriel Mountains.
What does the new mansion boost?
The latest addition to Castro's real estate portfolio is his most opulent mansion in Bel Air.
This sprawling estate, set on a 4700-square-meter plot, boasts seven bedrooms, 11 bathrooms, and an array of unparalleled luxuries.
Among its remarkable features are DJ turntables that rise from the ground, a champagne tasting room, a wine cellar, a suspended glass walkway, a theatre, and an infinity pool that overlooks the iconic Los Angeles skyline.
However, financial planners and experts have voiced their concerns about Castro's lavish spending habits, labelling his acquisitions, including a vintage Porsche 911, as "terrible" purchases.
Typically, financial advisers recommend that lottery winners opt for annual payouts rather than lump sum payments and consult with financial professionals to create a financial plan.
Financial advisers advise not quitting work
Emily Irwin, managing director of advice and planning at Wells Fargo's investing and wealth management division, noted,
"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."
"Maybe you have student loans you want to pay off; that makes sense. But try to avoid that mega-purchase."
Critics and armchair financial experts have taken to social media to share their opinions on Castro's spending spree.
Some express concerns that he might squander wealth rapidly, while others applaud his extravagant lifestyle.
Athi River man wins R2 million jackpot
Briefly News previously reported that Mutiso was the latest millionaire after winning a staggering R2.4 million SportPesa jackpot, but the newfound wealth seems to have done little to change his love for work.
The plant operator, who has been an avid participant in the popular sports betting platform, was a happy man when his luck finally paid off.
SportPesa Care reports that as much as the life-changing windfall left him in awe, Mutiso remained grounded and level-headed.
Photos shared on the betting company's social media page show the machine operator donned in an overall driving his usual earthmover.
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Source: TUKO.co.ke
