Altadena’s Powerball lottery winner got $628.5 million after taxes
Altadena’s Powerball lottery winner got $628.5 million after taxes
Paying $2 for a lottery ticket is like buying a cheap daydream. Visions of unlimited wealth dance in your head — until the numbers are drawn and the ticket ends up in the trash.
For Edwin Castro, 33, that daydream turned reality when the ticket matched all six numbers in a 2022 Powerball drawing, making him a $2.04 billion winner of the biggest lottery jackpot in world history, according to the California Lottery.
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His winnings were halved after he opted for a lump-sum payment, and the lottery deducted 24% for federal taxes before issuing an award of $758 million. His actual taxes were likely higher. USA Today reported his net proceeds were $628.5 million.
Before using some of that money to buy at least a dozen lots in Altadena’s wildfire burn zone, Castro spent $25.5 million on a 13,368-square-foot mansion in the Hollywood Hills. A week later, he paid nearly $4 million for a five-bedroom house in Altadena for his parents, according to media reports.
The price tags for his 12 recent Altadena lot purchases have been more modest, ranging from $530,000 to $950,000 apiece. Altogether, the 12 purchases totaled $8.9 million.
At Joe’s Service Center in Altadena, where Castro bought his $2 lottery ticket, the owner still displays a sign stating, “BILLIONAIRE MADE HERE.”
County property records show Castro’s company, Black Lion Properties LLC, made the following lot purchases in Altadena:
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