Record $2.04 Billion Powerball Winner Makes $4 Million Purchase

By Jason Hall

December 12, 2023

Two Multi-State Lotteries Each Offer Over $400 Jackpots
Photo: Getty Images

Edwin Castro, the winner of the record-setting $2.04 billion Powerball jackpot, reportedly purchased a $4 million Japanese-inspired home for his parents in Altadena, California, the New York Post reports.

Castro, 31, has made several expensive purchases with his newfound fortune and reportedly enlisted his brother, Jesse, 27, who works as a banker, to manage his assets, a source with knowledge of the situation confirmed to the New York Post.

“They are a team and they’re very grounded,” the source said of the siblings. “They’re not into partying. They’re not out in clubs otherwise everybody would see them.

“The only pictures that they have are of him coming out of his lawyer’s [office] or the bank. That’s who they are. They are just normal people.”

Castro reportedly purchased a third mansion in Los Angeles in November, having already bought two others since collecting the lump sum payout of his historic lottery win, according to the Daily Mail. Financial advisers, however, have recommended that lottery winners accept their winnings through annual payments and consult with a financial planner, tax lawyer or other expert to create a steady plan for their newfound wealth.

“Don’t make any visible life changes. Don’t quit your job, don’t go out and buy a Ferrari, don’t buy a mansion,” Emily Irwin, managing director of advice and planning at Wells Fargo’s investing and wealth management division, told Fortune. “Maybe you have student loans you want to pay off, that makes sense. But try to avoid that mega-purchase.”

The 31-year-old is estimated to have paid a combined $76 million on the three previous homes, while also purchasing several notable luxury items, including a $250,000 vintage Porsche he was spotted driving in April. In February, the California Lottery announced Castro as the winner of the record-setting November 8 lottery, with Castro accepting the lump sum prize of $997.6 million.

Both the Powerball and Mega Millions jackpots increase during each following game until there's a jackpot winning ticket matching all six numbers drawn, which includes the additional Mega Millions Gold Ball or Powerball in each respective game.

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