Edwin Castro, the winner of the record $2 billion Powerball jackpot in 2022, has emerged as one of the largest investors snapping up scorched properties decimated in the January wildfires across Los Angeles.
The lottery phenom has set his sights on Altadena, a close-knit community full of historical homes where Castro spent time as a child. According to The Wall Street Journal, the investor has so far spent $10 million purchasing 15 burned lots, providing considerable relief to many local residents who feared big-time developers would alter the neighborhood’s identity.
From Architectural Consultant to Billion-Dollar Real Estate Mogul
Castro’s story has become legendary since he purchased his life-changing Powerball ticket at an Altadena gas station in 2022. Prior to his win, he worked as a private architecture consultant, a graduate of Woodbury University. After choosing to take a lump sum of $768 million, Castro’s real estate portfolio quickly soared.
His notable acquisitions include a $45.76 million Bel-Air mansion (reportedly picked up for a relative bargain compared to its original $87 million list price), a $25.5 million Hollywood Hills manse, and a $4 million Japanese-style home in Altadena for his parents. However, Castro did not escape the fires unscathed; his $3.8 million Malibu waterfront house was reduced to concrete pillars and smoldering wood.
A Commitment to Rebuilding for the Altadena Community
Castro’s deep-seated attachment to Altadena—where he resided before his win and maintains ties with old friends—makes this investment distinct. His real estate investment company, Black Lion Properties LLC, is headed by his brother Jesse, and his family office is managed by high school friend Jacqueline Dilanchyan.
Castro has expressed his intention to build “mostly” single-family homes on the purchased parcels. He told the Journal: “This is for a family that wants to move in… Those are the people that need to be looked out for right now.”
He desires the neighborhood to retain its “old neighborhood feel,” as if putting all those pre-fire houses “in a time bubble.” Furthermore, the 33-year-old single Castro hinted at building a “Willy-Wonka-esque” home on two cleared lots for himself, expressing a desire to start a family.
Locals Welcome the Hometown Buyer
The response from most Altadena residents has been positive, primarily due to Castro’s local connection. Local contractor Joel Bryant remarked: “I feel better about him than anybody else because he’s from the area.”
Many residents are wary of big developers erecting massive condominiums, potentially stripping Altadena of its small-town charm. They place their hope in Castro, who understands the community’s character.
Castro, however, remains pragmatic about the business side: “I’m not building these homes just to give them away,” though he estimates the full completion of all homes may take up to a decade. Skepticism remains, with local Seriina Covarrubias expressing concern: “He’s just another person trying to get some profit.”
Post-Fire Land Market and the Future Outlook
Burned lots in Altadena are highly contested, particularly by cash investors. Some deals were finalized within days at over-asking price, while others linger due to concerns over soil and water quality or being priced too high.
Many older residents, such as the couple John and Susan Horny (ages 69 and 75), opted for a quick sale to Black Lion Properties LLC to avoid the arduous process of wrangling with city offices and contractors, especially when insurance failed to cover full rebuild costs.
Tracey Kardash of the Shulman Team notes that lots with spectacular views of the San Gabriel Mountains (north of Loma Alta) are highly competitive. Despite market volatility, the confidence remains strong: “Altadena is going to come back strong. It’s just a matter of time,” she asserts.
L.A. real estate investor Jameson Tyler Drew praised Castro’s action: “Once people start making the big bucks, they rarely go back to their hometown… but he chose to come back home, and I applaud him for it.”