Powerball Jackpot Winner Loses $4 Million Malibu Home in Los Angeles Wildfires

Posted on: February 17, 2025, 06:08h. 

Last updated on: February 17, 2025, 06:08h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • Powerball winner Edwin Castro lost his Malibu home in the Los Angeles wildfires
  • Castro won a $2.04 billion prize in November 2022
  • Castro also purchased a $25.5 million mansion in the Hollywood Hills

The Powerball winner who in November 2022 won the largest lottery prize in United States history has seen his luck turn for the worse.

Powerball jackpot Edwin Castro Malibu home
Burnt-down oceanfront homes in Malibu near where Powerball winner Edwin Castro lost one of his multimillion-dollar residences. Castro won a record $2.04 billion jackpot in November 2022. (Image: Shutterstock)

Californian Edwin Castro won the Nov. 7, 2022, Powerball drawing that came with a $2.04 billion Powerball jackpot. Castro opted for the one-time cash option of approximately $997.6 million before federal taxes.  

In the wake of his sudden fortune, the man from Altadena quit his job as a mechanic in favor of becoming a Southern California real estate tycoon. His real estate buying spree included a lavish three-story mansion in the Hollywood Hills he purchased for $25.5 million and a $4 million Japanese-inspired home in Altadena for his parents.

Castro’s bet on California real estate additionally included a $3.85 million pad in Malibu with Pacific Ocean views near Big Rock. The two-bedroom home Castro purchased in September 2023, however, burned to ashes during the 2025 Los Angeles wildfires that broke out near Runyon Canyon on Jan. 7. Castro’s home was reportedly razed by the devastating fires on Jan. 8.

Castro, who has tried to avoid the media and relentless paparazzi in Southern California since striking it rich, has not responded to numerous requests for comment about his home loss.

Jackpot Winner’s Risky Bets

Castro is said to be adhering to financial advice from his younger brother, Jesse, who is a banker. In addition to the three homes, the Powerball jackpot record holder has purchased several high-value cars, including at least two vintage Porsche 911s and a $500K Porsche 911 GT2RS.

Along with Castro fancying collectible and high-performance Porsches and luxury real estate, he’s also become smitten with Instagram model Payton Vincent. Many casual observers on social media have questioned if the often bikini-clad 24-year-old has good intentions or is simply after the 32-year-old’s fortune.

Financial experts have also raised concerns about Castro’s spending, which began with an extravagant trip to Fiji with his friends soon after he won the Powerball jackpot.

The value of second or third homes has shrunk in the post-pandemic world, and luxury real estate is a risky investment, as it is illiquid and vulnerable to economic conditions outside the owner’s control,” Fortune reported in January. “For instance, the upkeep for Castro’s $25.5 million Hollywood Hills home — which has five bedrooms, six bathrooms, a game room, wine cellar, home theater, wet bar, gym, cold plunge, steam shower, and sauna — was estimated to cost $255,000 to over $1 million per year.”

Castro’s net payout after federal taxes was about $628 million.

Lawsuit Settled

Castro lost his Malibu home but scored a major legal victory last October when a Los Angeles Superior Court judge threw out a lawsuit from a plaintiff alleging that Castro stole the Powerball ticket. Filed in February 2023 by Jose Rivera, Judge Donna Hollingsworth ruled that “players are solely responsible for securing their [lottery] tickets against theft, loss, damage, or destruction.”

Rivera had claimed that his landlord had initially taken the winning ticket from his home. He could not explain how it ended up with Castro, a man with whom he had no prior relationship or even knew.