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Powerball winner Edwin Castro splurges on new $47M LA mansion in latest lavish purchase after $2B win
https://nypost.com/ ^
| September 12, 2023
| Hannah Frishberg
Posted on 10/10/2023 8:58:05 PM PDT by Jonty30
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I'm no financial genius, but I think it's unwise to spend $100 million on property, if you're generating the level of income necessary to keep it. Most of the rich people, who buy large properties, tend to use them to generate more wealth to pay for themselves.
1
posted on
10/10/2023 8:58:05 PM PDT
by
Jonty30
To: Jonty30
I’m no financial genius, but I think it’s unwise to spend $100 million on property, if you’re not generating the level of income necessary to keep it. Most of the rich people, who buy large properties, tend to use them to generate more wealth to pay for themselves.
2
posted on
10/10/2023 8:58:39 PM PDT
by
Jonty30
(It never rains in sunny Alberta. It always rains in rainy Alberta.)
To: Jonty30
Buying at the height of a real estate bubble.
3
posted on
10/10/2023 9:02:10 PM PDT
by
EEGator
To: Jonty30
The costs after the purchase of a large property in California (property taxes, utilities, maintenance) are not trivial.
4
posted on
10/10/2023 9:02:31 PM PDT
by
CatOwner
To: Jonty30
If I had two billion dollars, the last place I would spend it on would be LA.
5
posted on
10/10/2023 9:03:06 PM PDT
by
Magnum44
(...against all enemies, foreign and domestic... )
To: Magnum44
To: Magnum44
If I had two billion dollars, the last place I would spend it on would be LA. Cash payout was around one billion. After taxes, probably closer to 630 million. Paying 25-50 million per mansion can burn through that rather quickly.
7
posted on
10/10/2023 9:06:28 PM PDT
by
CatOwner
To: Jonty30
Los Angeles is a great town to be super rich in.
8
posted on
10/10/2023 9:06:30 PM PDT
by
ansel12
((NATO warrior under Reagan, and RA under Nixon, bemoaning the pro-Russians from Vietnam to Ukraine.))
To: Jonty30
Unless he has some master plan in mind, he’ll be broke in 5 years.
9
posted on
10/10/2023 9:09:03 PM PDT
by
TheWriterTX
(๐บ๐ธโ๏ธ๐ฎ๐ฑ)
To: Jonty30
Unless he has some master plan in mind, he’ll be broke in 5 years.
10
posted on
10/10/2023 9:09:03 PM PDT
by
TheWriterTX
(๐บ๐ธโ๏ธ๐ฎ๐ฑ)
To: Magnum44
A nice spread in Oregon or Washington would have been my choice. For me, that’s the best year-round climate in the US. However, I’d be far enough away from the cities to put them on ignore.
11
posted on
10/10/2023 9:09:37 PM PDT
by
Jonty30
(It never rains in sunny Alberta. It always rains in rainy Alberta.)
To: Magnum44
If I had two billion dollars, the last place I would spend it on would be LA.California is great if you're rich and can isolate yourself from California's many dysfunctions.
Believe it or not, there's plenty of awesome neighborhoods with great public schools, shopping, and healthcare in SoCal, priced well out of reach from the riff-raff and poors. These neighborhoods enforce vagrancy laws as well.
If I won this cash, I'd have no problem buying a multimillion dollar home on Coronado Island, for example. A place, believe it or not, where Trump signs outnumber homeless bums.
12
posted on
10/10/2023 9:10:52 PM PDT
by
Drew68
(Ron DeSantis for President. A conservative who fights and wins..)
To: TheWriterTX
It certainly looks that way to me.
13
posted on
10/10/2023 9:11:56 PM PDT
by
Jonty30
(It never rains in sunny Alberta. It always rains in rainy Alberta.)
To: TheWriterTX
The guy is certainly lucky.
Maybe Meghan Markle will introduce him to her in-laws.
14
posted on
10/10/2023 9:13:09 PM PDT
by
x
To: Jonty30
Broke and/or dead in 5 years.
15
posted on
10/10/2023 9:14:26 PM PDT
by
Romulus
To: Jonty30
I'm no financial genius, but I think it's unwise to spend $100 million on property, if you're generating the level of income necessary to keep it.That's no joke. These places need a lot of upkeep or they'll fall into disrepair quickly.
You pretty much have to employ a full-time staff to stay on top of it all.
16
posted on
10/10/2023 9:14:40 PM PDT
by
Drew68
(Ron DeSantis for President. A conservative who fights and wins..)
To: TheWriterTX
Unless he has some master plan in mind, heโll be broke in 5 years.The people who go broke are the lottery winners who win $2 million and spend like they won $3 million. That's easy to do.
This guy cleared nearly a full billion. Going broke will be possible but a very difficult task.
He's richer than Taylor Swift.
17
posted on
10/10/2023 9:16:48 PM PDT
by
Drew68
(Ron DeSantis for President. A conservative who fights and wins..)
To: Drew68
I used to live in Coronado, above the pizza place on the main drag.
18
posted on
10/10/2023 9:17:24 PM PDT
by
ansel12
((NATO warrior under Reagan, and RA under Nixon, bemoaning the pro-Russians from Vietnam to Ukraine.))
To: Romulus
Once he realizes that it is all gone, possibly both.
19
posted on
10/10/2023 9:19:02 PM PDT
by
Jonty30
(It never rains in sunny Alberta. It always rains in rainy Alberta.)
To: Drew68
This guy cleared nearly a full billion. No, he didn't. He got a cash payout of one billion, but he also owes Federal income taxes on that one billion. Pretty much all of it at 37%, so he really cleared around 630 million. Still a lot, but a bit less impressive.
20
posted on
10/10/2023 9:20:05 PM PDT
by
CatOwner
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