$47 Milllllllllllllion Dollaz

[FROGMAN524]

Drop in the bucket for old Edwin

Powerball winner Edwin Castro splurges on new $47M LA mansion in latest lavish purchase after $2B win

The lucky lotto player has already purchased at least two other California properties — but now, he has a Bel Air crib to add to his growing portfolio.

nypost.com

 

[Orange Juice]

Drop in the bucket for old Edwin

Powerball winner Edwin Castro splurges on new $47M LA mansion in latest lavish purchase after $2B win

The lucky lotto player has already purchased at least two other California properties — but now, he has a Bel Air crib to add to his growing portfolio.

nypost.com

You only live once.

 

[OC Mike]

Buying them is one thing, Maintaining them is another.
This guy will probably be broke in 5 years.

 

[stonehenge]

hookers and blow

 

[OkHallett270]

This guy is on his way to being empty pockets soon.

 

[FROGMAN524]

I would have bought DCB and Hallett and thrown 1350s in every single model. That’s just me.

 

[mbrown2]

Hmm...in the first 3 months you have spent 7% of your winnings on homes alone.........this is not a good pace!

 

[El Rojo]

Only took 3 posts to bash a guy who won a jackpot worth 2bil, for spending 100mil on some real estate...maybe he should just follow the Dave Ramsey way and continue living in his cheap apt while driving a 1998 Honda Accord lol...

 

[Wheeler]

Only took 3 posts to bash a guy who won a jackpot worth 2bil, for spending 100mil on some real estate...maybe he should just follow the Dave Ramsey way and continue living in his cheap apt while driving a 1998 Honda Accord lol...

Solid plan! The Warren Buffet approach.

 

[Mototrig]

The question I have is would you have an entourage with that kind of loto winnings? And if so how big a mansion would you need to house them all

 

[Wheeler]

Hmm...in the first 3 months you have spent 7% of your winnings on homes alone.........this is not a good pace!

If I were the winner I would take the NPR syndrome to a whole nother level!

 

[Orange Juice]

Only took 3 posts to bash a guy who won a jackpot worth 2bil, for spending 100mil on some real estate...maybe he should just follow the Dave Ramsey way and continue living in his cheap apt while driving a 1998 Honda Accord lol...

Dave Ramsey would have paid cash.

 

[nameisbond]

Only took 3 posts to bash a guy who won a jackpot worth 2bil, for spending 100mil on some real estate...maybe he should just follow the Dave Ramsey way and continue living in his cheap apt while driving a 1998 Honda Accord lol...

If you take the lump sum the lottery corporation takes a big chunk of the $2 billion. The interest the lottery corporation would have earned over the annuity. For example tonight's Powerball jackpot is $550 million. But if you take the lump sum they give you $266 million and deduct taxes. In Castro's case after taxes by taking the lump sum he took home $628 million. Still not bad but buying a $100 million in real estate and what it takes to keep mansions. He won't be rich long!

 

[Flatsix66]

Dave Ramsey would have paid cash.

His 3-6 month emergency fund must be $50M

 

[hallett21]

If you take the lump sum the lottery corporation takes a big chunk of the $2 billion. The interest the lottery corporation would have earned over the annuity. For example tonight's Powerball jackpot is $550 million. But if you take the lump sum they give you $266 million and deduct taxes. In Castro's case after taxes by taking the lump sum he took home $628 million. Still not bad but buying a $100 million in real estate and what it takes to keep mansions. He won't be rich long!

Not that I would but he could have dumped it all in savings to net 22 million ish after taxes. A year!

 

[Bobby V]

Only took 3 posts to bash a guy who won a jackpot worth 2bil, for spending 100mil on some real estate...maybe he should just follow the Dave Ramsey way and continue living in his cheap apt while driving a 1998 Honda Accord lol...

16 posts and no mention of why he is buying in CA.

 

[2Driver]

F, LA.
I’d be shopping for nice island. To each his own, I’m sure he has many new friends willing to help him.

 

[Motoxxxloak]

I would've done the same. House in the Hollywood Hills with a view, beach house, and maybe 1 or 2 elsewhere (states or countries). Of course, house each for the parents. Not sure I'd buy a 47 million dollar house however. I'd be slightly more conservative.

I'd have a spool'd up fleet of boats, cars, trucks, toys...you name it. I'd spend 20-25% of the $628 million on all of my fun stuff, throw some in the bank and invest the rest....at least I'd like to think that's how I would do it

 

[n2otoofast4u]

I'm jealous.

Funny story, sort of......

My mother RIP was a public employee her entire life. At 60 was diagnosed with a genetic and terminal disease that knocked her over in less that 12 months. We had a great relationship, she knew all, we partied together, boated, traveled, etc. Great mother! Well, she's about 3 weeks out from passing and getting very weak but has a positive attitude. I built a secondary living deal at my house so she and her caregiver live with me, its really the best case scenario for the time. The hospice folks are at the house one day and we are talking about end of life and I immediately tell them that I am not spending my inheritance on the damn funeral home nonsense and that when she passes we're going to wheel her down the road to where they cremate pets and that's where she'll be cremated. The Hospice folks are mortified, my mom laughs. The conversation turns a bit to the inheritance that by that time was sorted and my mom somewhat straight faced asks "Johnathan, what are you going to do with it?" Again, I don't miss a beat... "Mom, I'm going to buy a cool boat then take half of what's left, spend it on cocaine and hookers, then I think I'll just waste the other half."

Miss my mother dearly!

 

[OC Mike]

Only took 3 posts to bash a guy who won a jackpot worth 2bil, for spending 100mil on some real estate...maybe he should just follow the Dave Ramsey way and continue living in his cheap apt while driving a 1998 Honda Accord lol...

Not at all. Good on him, he can do whatever he chooses.
Just seems 3 over top the residences with in same general area is little much.
Can't say I would be any different at his age, never had the oppurtunity.
What I can say I've been in and out of money several times.
When you're in it, seems like it will be there for ever....
But it isn't, just seems to fly away....
Just ask Mike Tyson, Nick Cage.....

I wish him well.....

 

[Xring01]

The question I have is would you have an entourage with that kind of loto winnings? And if so how big a mansion would you need to house them all

Absolutely,, A Blonde, Brunette and a Redhead, just to get the “entourage“ started, could add to that stable later on.

 

[OC Mike]

Absolutely,, A Blonde, Brunette and a Redhead, just to get the “entourage“ started, could add to that stable later on.

Ok, now I get it. He bought a 'House' for each....

 

[Xring01]

16 posts and no mention of why he is buying in CA.

Your stupid, he is a billionaire, he is one of the few who can afford it… some people.

Yes, thats sarcasm… for those who couldn’t interpret it…

 

[2Driver]

Except for my main residence and toys, I’d rent or lease everything else.

 

[traquer]

He won't be a happy man for long at the rate he's going..

Imagine if you are whisky connoisseur who gets out the nice $3000 bottle of 30 year old scotch a few times a year to celebrate, it feels damn special! But if you drank that same stuff every night it wouldn't feel as nice after a few weeks. Now imagine you start drinking $15k bottles of whiskey regularly. After a while you think to yourself "holy shit there literally isn't any better whisky in the world that I haven't already tried!" That'd be a sad and depressing feeling to know there's literally no additional pleasure to be had from something that you've looked forward to all your life. Same story with cars, houses etc.

 

[hallett21]

He won't be a happy man for long at the rate he's going..

Imagine if you are whisky connoisseur who gets out the nice $3000 bottle of 30 year old scotch a few times a year to celebrate, it feels damn special! But if you drank that same stuff every night it wouldn't feel as nice after a few weeks. Now imagine you start drinking $15k bottles of whiskey regularly. After a while you think to yourself "holy shit there literally isn't any better whisky in the world that I haven't already tried!" That'd be a sad and depressing feeling to know there's literally no additional pleasure to be had from something that you've looked forward to all your life. Same story with cars, houses etc.

Went to a wedding where the well tequila was 1942….

There’s levels to this world lol

 

[Dan Lorenze]

Your stupid

It's "You're" lol

 

[mbrown2]

Only took 3 posts to bash a guy who won a jackpot worth 2bil, for spending 100mil on some real estate...maybe he should just follow the Dave Ramsey way and continue living in his cheap apt while driving a 1998 Honda Accord lol...

How could you not bash him... he spent $70M+ on homes and NOT on a Schiada River Cruiser w Brummet TT and a 4 axle trailer....

 

[coolchange]

It's "You're" lol

No, he meant it possessive.

 

[WYRD]

He must have a small dick, probably bought a Ford too

 

[sirbob]

give me just one shot to see if I could figure out how to spend the money in the proper way

 

[shintoooo]

Maybe he's renting them out? Lots of rich people shell out hundreds of thousands of dollars a month for rent.

 

[J&k beer can]

he took home 980mil payout. he can get 4.5 percent interest(easly) a month if he does it right..
he can live off that no problem.
at this point he needs to change his name and start to over.. puff gone like that.
he will never find a chick that wont try and use him(marriage or child support)..knowing who he is. i would never want that kind of money..

 

[rivermobster]

I'm jealous.

Funny story, sort of......

My mother RIP was a public employee her entire life. At 60 was diagnosed with a genetic and terminal disease that knocked her over in less that 12 months. We had a great relationship, she knew all, we partied together, boated, traveled, etc. Great mother! Well, she's about 3 weeks out from passing and getting very weak but has a positive attitude. I built a secondary living deal at my house so she and her caregiver live with me, its really the best case scenario for the time. The hospice folks are at the house one day and we are talking about end of life and I immediately tell them that I am not spending my inheritance on the damn funeral home nonsense and that when she passes we're going to wheel her down the road to where they cremate pets and that's where she'll be cremated. The Hospice folks are mortified, my mom laughs. The conversation turns a bit to the inheritance that by that time was sorted and my mom somewhat straight faced asks "Johnathan, what are you going to do with it?" Again, I don't miss a beat... "Mom, I'm going to buy a cool boat then take half of what's left, spend it on cocaine and hookers, then I think I'll just waste the other half."

Miss my mother dearly!

That's awesome.

 

[LargeOrangeFont]

Maybe he's renting them out? Lots of rich people shell out hundreds of thousands of dollars a month for rent.

You must be knew here.

We don’t have any idea the details of what he is doing with this money he won, but we will make baseless judgments and pat ourselves on the back, knowing we could surely do better

 

[JJ McClure]

Common core math for single payout lotto winnings. Total minus 30%, then subtract 30% from that equals take home.
2 billion
1.4 billion
980 million
Try it at home on yore own abacus.

 

[wzuber]

Y'alls are talking like the R.E. he bought is a horribly depreciating asset like boats, toys etc. Those hi luxury R.E. homes will appreciate virtually for ever, not to mention the residual value in the highly unlikely chance they should depreciate some. He'll prolly survive ok for awhile....lol

 

[LargeOrangeFont]

Y'alls are talking like the R.E. he bought is a horribly depreciating asset like boats, toys etc. Those hi luxury R.E. homes will appreciate virtually for ever, not to mention the residual value in the highly unlikely chance they should depreciate some. He'll prolly survive ok for awhile....lol

Where have you been? The RE market is going to collapse. Dude need to use that billion to buy a hat to hold on to.

 

[Motoxxxloak]

Common core math for single payout lotto winnings. Total minus 30%, then subtract 30% from that equals take home.
2 billion
1.4 billion
980 million
Try it at home on yore own abacus.

My abacus and google says he took home 630 (rounded) after taxes

 

[spectra3279]

Who cares what he does with it. It's his money let him go broke as long as he's having fun with it

 

[Dan Lorenze]

My abacus and google says he took home 630 (rounded) after taxes

I think you're right... Of course everyone wants to take the lump sum. But damn, that's a lot to give away. But I'm sure there's some tax implications in there.

 

[JJ McClure]

My abacus and google says he took home 630 (rounded) after taxes

Ummm. Ok.

 

[FreeBird236]

He hasn't even spent the math error yet.

 

[240Hallett]

Ummm. Ok.

View attachment 1277550

So that’s what they paid out and then he paid taxes on that?

 

[LargeOrangeFont]

So that’s what they paid out and then he paid taxes on that?

Math and reading are hard. Sometimes you even have to read what isn’t there.

 

[nameisbond]

After tax his take home was almost $630 million (rounded up). Far from $2 billion or even $1 billion. A client of my dads cashed out of his software company in 1983 for around $100 million. It was before tech created billionaires. He was a smart guy, an accountant by trade. He was careful with the money and afraid of going broke. In 1983 dollars that was a lot of money.

I like the Canadian lotto system better even though the pay outs are a lot less. Next Sat one lotto draw has a grand prize of $62 million CAD, second prize of $5 million CAD, and a third prize that someone is guaranteed to win of $1 million CAD. Also a $500k prize if you spend an extra $1 on the ticket. What I like, we don't have an annuity option you get the full jackpots in lump sum. No taxes on windfalls in Canada.

If I won the jackpot or the $5 million. We have a thing called term deposits sort of like CD's. The principal and interest is guaranteed. Currently they pay 5% interest per year. I would put $5 million in the term deposit and earn $250k per year in interest and live off that.

 

[FreeBird236]

Math and reading are hard. Sometimes you even have to read what isn’t there.

Okay so I've never won the lottery, Who got the first billion?

 

[MPHSystems]

Drop in the bucket for old Edwin

Powerball winner Edwin Castro splurges on new $47M LA mansion in latest lavish purchase after $2B win

The lucky lotto player has already purchased at least two other California properties — but now, he has a Bel Air crib to add to his growing portfolio.

nypost.com

He’d better hold on to his hat, I’ll be buying that mansion for $52K any day now.