Introduction to Powerball Winner’s Altadena Lots Purchase
A Powerball winner is using his winnings to help rebuild his hometown of Altadena.
Edwin Castro, who bought a record $2 billion Powerball lottery ticket at a gas station in 2022, is one of the biggest buyers of lots in Altadena after January’s deadly Eaton fire, The Wall Street Journal reported. The 33-year-old has spent $10 million to buy up 15 lots so far.
Many Altadena residents have grown fearful of a neighborhood takeover by wealthy investors as many struggle to get back on their feet. A petition to stop investors from buying Altadena lots, for example, has collected almost 1,500 signatures.
Castro’s Benevolent Intentions
Castro hopes to act as a benevolent force in the community in which he grew up.
“This is for a family that wants to move in,” Castro told the Journal while looking at burned lots. “Those are the people that need to be looked out for right now.”
Castro is focused on rebuilding single-family homes for local families rather than developers or landlords. The lottery winner has already submitted plans for his first two houses, which would be Craftsman-style designs with an accessory dwelling unit attached. He expects to break ground once county permits are cleared; his plans for a broader reconstruction could take a decade.
Profit Margin and Local Ownership
Castro isn’t looking to make out like a bandit.
“The profit margin doesn’t need to be egregious,” he told the Journal. “But I’m not building these homes just to give them away.”
“Many people who were affected by the fires in Altadena cannot or do not want to rebuild and aspire to move on and start elsewhere,” Edwin Castro and his brother Jesse, with whom he runs Black Lion Properties, said in a statement. “These purchases will help some of them, while keeping ownership of the property local.”
Castro himself bought a $25.5 million estate in the Hollywood Hills in 2023.
Local Reactions to Castro’s Purchase
Some locals, such as Altadena native Joel Bryant, are happy to see Castro stepping in while other investors circle the neighborhood. “I feel better about him than anybody else because he’s from the area,” Bryant said.
Other residents, however, aren’t as convinced.
“He’s just another person trying to get some profit,” Seriina Covarrubias, whose home suffered severe smoke damage but was still standing after the fires, said.
Restoration of Altadena
Ultimately, Castro hopes to restore as much of the Altadena he knew and loved as possible. “I want it to feel like the old neighborhood,” he said. “Like if you put all those houses pre-fire in a time bubble.”
Read More
Read more
$2B Powerball winner buys estate in Hollywood Hills
Developers snap up bulk of Altadena lots sold by fire victims
From ashes to assets: Who’s snapping up California’s fire-damaged land?
Conclusion
Edwin Castro’s purchase of lots in Altadena is a significant development in the area’s recovery from the Eaton fire. While some residents are skeptical of his intentions, others see him as a benevolent force in the community. Castro’s focus on rebuilding single-family homes for local families and his commitment to keeping ownership of the property local are positive steps towards restoring the neighborhood.
FAQs
Q: How much did Edwin Castro spend on lots in Altadena?
A: Castro spent $10 million to buy up 15 lots in Altadena.
Q: What are Castro’s plans for the lots he purchased?
A: Castro plans to rebuild single-family homes for local families, with a focus on Craftsman-style designs and accessory dwelling units.
Q: How do local residents feel about Castro’s purchase?
A: Some residents are happy to see Castro stepping in, while others are skeptical of his intentions and fear a neighborhood takeover by wealthy investors.
Q: What is Castro’s goal for the restoration of Altadena?
A: Castro hopes to restore as much of the Altadena he knew and loved as possible, making it feel like the old neighborhood.
