Foreign Property News | Posted by Zarni Kyaw
The Altadena resident who won the largest ever Powerball jackpot and used some of his winnings to buy homes in exclusive Los Angeles County neighborhoods has lost at least one of those properties to the wildfires.
Edwin Castro won Powerball's $2-billion jackpot in 2023, which equated to about $1 billion in winnings after taxes, and purchased homes in Malibu, another in Altadena and a third in the Hollywood hills, according to property records reviewed by The Times.
By the night of Jan. 8, two of the homes sat in evacuation zones and the third had burned to the ground, according to a review of satellite imagery from Airbus reviewed by The Times.
Powerball winner Edwin Castro’s $3.8M beachfront Malibu home with 2 bed 3 bath and 1,541 sqft.BACKGRID
Edwin Castro’s Malibu home along the Pacific Coast Highway was destroyed by the Palisades Fire.BACKGRID
The 31-year-old purchased the home in 2023 after winning the jackpot.BACKGRID
The remains of a telephone pole lie in the street where Castro’s home once stood.BACKGRID
The majority of structures along Big Rock Beach were also destroyed by the wildfires.
Castro leaves Los Angeles restaurant Manuela after having lunch with a friend on Aug. 7, 2024.
Homes along the coast, including Castro’s, were completely destroyed.John Chapple for NY Post
Big Rock Beach and the Pacific Ocean, which used to be blocked by the numerous homes along the Pacific Coast Highway, are visible from the scenic road.BACKGRID
The 31-year-old purchased the beachfront property through an LLC in 2023 after winning the $2.04 billion jackpot.BACKGRID
Castro’s real estate portfolio combined to an eye-watering $76 million.
At least 10 fire-related deaths were reported by the Los Angeles County Medical Examiner on Thursday.
Crews have so far contained just 6 percent of the fire.
The Palisades fire was first reported on Tuesday morning.
The home, a $3.85-million two-bedroom mansion with ocean views purchased in September 2023, was among thousands of structures razed by the Palisades fire, which started on Jan. 7.
The Sunset fire, which broke out near Runyon Canyon, placed Castro's sprawling $25.5-million mansion in the Hollywood hills firmly within its evacuation zone.
And the Eaton fire approached his $3.98-milion home in Altadena, but spared it along with the Altadena gas station where he bought the winning ticket, according to visual analysis by the Times.
But the Malibu home, set along PCH near Big Rock, was destroyed along with all of its immediate neighbors.
Castro purchased the home using an LLC whose listed business managers in public records were the same two men as those listed for LLCs used to buy the other two properties.
The lottery winner, who has stayed out of the public eye since claiming his prize, could not be reached for comment Monday.
Ref: $2-billion Powerball jackpot winner loses home in L.A. County wildfire Photo Credit- Backgrid, London Entertainment
