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He wins billions on the lottery and then makes terrible purchases

He wins billions on the lottery and then makes terrible purchases

The richest Powerball winner in US history has acquired a massive $47 million ($67 million CAD) mansion in Los Angeles.

Edwin Castro, 31, won $2.04 billion ($2.75 billion CAD) in the California lottery last year and became a billionaire overnight.

He has since invested in real estate, buying two multi-million dollar mansions in California in the space of just one month – a $25.5 million ($33 million) estate in the Hollywood Hills, followed by a $4 million ($5.4 million) mansion. With a view of the San Gabriel Mountains.

Image taken from X| Edwin Castro lottery winner

Today, Castro has treated himself to the most expensive property he has ever owned, purchasing a US$47 ($63 million) mansion in Bel Air.

The house is located on 4,700 square meters and has seven bedrooms and eleven bathrooms.

However, financial planners described the three homes, as well as the Porsche 911 he bought, as “terrible” purchases, the New York Post reported.

Financial advisers generally recommend that winners receive large lottery winnings in annual payments, rather than in a lump sum, as Mr. Castro did.

Image taken from X| Edwin Castro lottery winner

They also recommend that lottery winners consult a financial planner.

“Don’t change anything in your life. Don’t quit your job, don’t buy a Ferrari, don’t buy a mansion,” advised Emily Irwin, executive director of advisory and planning in Wells Fargo’s investment and wealth management division.

These two tips allow lottery winners to enjoy their winnings while ensuring that they do not end up destitute due to poor money management.

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