The largest Powerball winner in US history, Edwin Castro, who won the prize of $2.04 billion in late 2022, has lost one of his homes during the California wildfires that devastated Malibu, among other places. The Powerball winner purchased three homes in California as well as cars and lavish vacations, and he has also won a lawsuit claiming that he stole the winning Powerball ticket from another man. But when the wildfires struck, it seemed his luck had turned.

The fortunes of Powerball jackpot winner Edwin Castro have taken a dramatic turn as one of his multimillion-dollar properties was destroyed in the recent Los Angeles wildfires. Castro, who won a record-breaking $2.04 billion lottery prize in November 2022, lost his Malibu residence when the devastating fires swept through the area in early 2025.

Lottery jackpot turns to real estate investments

Castro, a former Altadena mechanic, became an overnight billionaire when he claimed the historic Powerball jackpot on the 7th of November, 2022. Opting for a lump sum payout, he walked away with around $997.6 million prior to federal taxes, leaving him with around $628 million after deductions.

Following his windfall, Castro embarked on a high-profile real estate spending spree, purchasing multiple luxury homes in Southern California. His acquisitions included a sprawling $25.5 million Hollywood Hills mansion and a $4 million residence in Altadena, reportedly bought for his parents. Among his notable purchases was a $3.85 million beachfront property in Malibu, which offered stunning Pacific Ocean views.

However, disaster struck when a wildfire erupted near Runyon Canyon on January 7, 2025. The raging inferno rapidly spread, engulfing homes in Malibu. By January 8, Castro's oceanfront residence was completely razed, leaving nothing but ashes in its wake. Despite multiple requests for comment, Castro has remained silent on the loss.

Extravagant lifestyle and financial risks

Since winning the jackpot, Castro has led an opulent lifestyle, reportedly under the financial guidance of his younger brother, Jesse, a banker. In addition to real estate, Castro has indulged in high-end vehicles, including two Porsche 911s and a $500,000 Porsche 911 GT2RS. He also treated friends to a lavish vacation in Fiji soon after his win.

Among his most talked-about personal investments is his relationship with 24-year-old model Payton Vincent, who is very active on Instagram. Social media users have speculated about Vincent's intentions, with some questioning whether she is drawn to Castro himself or his immense fortune.

Experts have questioned the risks associated with Castro's lavish spending habits, particularly his heavy investments in luxury real estate. A recent Fortune report warned about the financial pitfalls of owning multiple high-value properties, especially in a volatile post-pandemic market. For instance, the maintenance costs alone for his Hollywood Hills mansion, featuring five bedrooms and six bathrooms as well as a home theater, game room, wet bar, wine cellar, gym, steam shower, cold plunge, and sauna, are estimated to range from $255,000 to more than $1 million annually.

Legal battle resolved

While Castro may be facing the loss of his Malibu home, he recently scored a significant legal victory. In October of 2024, a Los Angeles judge dismissed a lawsuit filed by Jose Rivera, who claimed Castro had stolen the winning Powerball ticket.

Rivera alleged that his landlord had taken the ticket from his home before it ended up in Castro's possession. However, Judge Donna Hollingsworth made the ruling against Rivera, stating that lottery players are solely responsible for securing their tickets and ensuring their protection against theft or loss. The lawsuit was thrown out due to lack of evidence connecting Castro to Rivera’s claims.

What's next for Castro?

Despite losing his Malibu residence, Castro still retains his multimillion-dollar properties in Hollywood Hills and Altadena. However, the question remains whether he will reconsider his investment strategies and lifestyle choices following this devastating setback.

For now, the Powerball winner remains out of the public eye, maintaining his preference for privacy as he navigates the challenges that come with sudden and immense wealth.