A man who won a staggering $2 billion (£1.51 billion) in the US Powerball lottery is reportedly planning significant investments in a community devastated by wildfires. Edwin Castro, the lucky winner, has acquired 15 parcels of land in Altadena for approximately $10 million (£7.5 million) following the catastrophic Californian wildfires in January.
Altadena, located just a short drive from Los Angeles, suffered severe damage during the wildfires, resulting in the loss of lives and destruction of over 57,000 acres of land. Despite concerns about the potential loss of the town’s close-knit community atmosphere due to Castro’s development plans, he has reassured that his intentions are to restore the area and support local families.
In an interview with The Wall Street Journal, Castro expressed his desire to preserve the neighborhood’s original charm by recreating the pre-fire housing environment. While he amassed a substantial fortune of $768 million (£570 million) from the lottery, Castro emphasized that he intends to sell the properties at fair market value without seeking excessive profits.
Amid mounting pressure from a petition seeking to block investors and preserve affordability for residents, Castro remains committed to his vision for the town. Governor Gavin Newsom issued an executive order in January to prevent exploitative practices by developers, highlighting the importance of protecting affected families from opportunistic speculators.
A representative for Castro emphasized his personal connection to Altadena, describing it as his home and expressing a genuine concern for the local community. The spokesperson stressed that Castro’s investments aim to aid homeowners in moving forward while maintaining the area’s unique character and appeal.
Reports indicate that developers have acquired a significant portion of properties sold in Altadena, sparking debates about the ethics of post-disaster real estate transactions. Critics have labeled the situation as “disaster capitalism,” accusing opportunistic investors of targeting vulnerable individuals in the aftermath of tragedies.