This browser does not support the Video element.
Powerball winner Edwin Castro buys 15 Eaton Fire lots
Castro, who won a record $2 billion Powerball jackpot, has reportedly spent roughly $10 million buying up 15 fire-scorched properties in his hometown of Altadena.
ALTADENA, Calif. - A man who won the largest Powerball jackpot in U.S. history is investing millions to rebuild his hometown of Altadena, which was devastated by January's deadly Eaton Fire.
He is buying and rebuilding fire-scorched properties with the goal of selling them to new families.
What we know:
Edwin Castro, the winner of a record $2 billion Powerball jackpot, has spent approximately $10 million to purchase 15 fire-scorched properties in Altadena, the Wall Street Journal reports.
Castro is now one of the largest private landowners in the town, according to the publication.
SUGGESTED: $2B Powerball winner Edwin Castro buys $4M Altadena home: report
Castro is reportedly planning to rebuild mostly single-family homes and has submitted architectural plans for the first two houses.
What they're saying:
Castro told the publication that his project is "for a family that wants to move in" and that "those are the people that need to be looked out for right now." He also stated, "I want to have kids like yesterday. It’s about family. Family is important."
He insisted that the project is not a real-estate empire in the making.
SUGGESTED: $2B Powerball winner Edwin Castro buys $22.5M Hollywood Hills mansion: report
"The profit margin doesn’t need to be egregious," Castro said. "But I’m not building these homes just to give them away." He plans to sell only to buyers who want to live in the community for the long term, not to investors. He said he does not plan to purchase any more properties, adding, "It’s too much work. Imagine a 10-year project. That’s a good chunk of your life."
The backstory:
Castro is one of several investors buying lots from displaced residents who chose to sell rather than face the multi-year challenge of rebuilding.
The Altadena community was devastated by wildfires in January that left thousands of homes destroyed.
SUGGESTED: Edwin Castro identified as $2.04 billion Powerball jackpot winner
The gas station where Castro bought his winning ticket was one of the few structures to survive the fire untouched.
The Source: Information for this story is from original reporting by the Wall Street Journal.