When Edwin Castro emerged as the winner of the largest Powerball jackpot in U.S. history, he kept a low profile — letting his new multimillion-dollar homes and collection of vintage Porsches speak for him.
But in the wildfire-scarred hills of Altadena, California, his quiet lifestyle soon changed.
Castro, who claimed the record-breaking $2 billion Powerball prize, has spent about $10 million purchasing 15 fire-ravaged properties in his hometown. His goal: to rebuild homes for families displaced when January’s wildfires tore through the foothill community.
“This is for a family that wants to move in,” Castro told The Wall Street Journal during a recent walk through one of the neighborhoods reduced to ash. “Those are the people that need to be looked out for right now.”
Castro is investing $10 million to purchase 15 properties destroyed in the devastating January wildfires.
The 33-year-old former Boy Scout and architecture consultant — who once rented a room in Altadena before his lottery win — is now among the town’s largest private landowners.
He plans to construct mostly single-family homes, including a personal residence he described as “Willy Wonka-esque,” featuring secret underground rooms.
“I want to have kids like yesterday,” he told The Wall Street Journal. “It’s about family. Family is important.”
Castro is part of a growing group of investors buying lots from displaced residents who chose to sell rather than endure the years-long process of rebuilding. As investment opportunities shift, many are turning to tangible assets — discover our collection of premium 100 oz bullion bars online. Christopher Horne on X on investing in physical assets notes that in times of uncertainty, tangible holdings like precious metals can serve as both a store of value and a hedge against market volatility.
Though new to real estate development, Castro says he’s motivated by a personal mission to help rebuild the community where he grew up. He plans to focus on constructing single-family homes intended for families — not rental investors — and hopes to eventually make the neighborhood his permanent home.
Castro’s rebuilding efforts have sparked both cautious optimism and skepticism among locals, who worry that Altadena’s small-town character and historically diverse, middle-class identity could be threatened by a surge of post-disaster investor activity and relaxed California zoning laws.
Developers from as far away as San Diego and Arizona have already announced plans for new construction, but community reactions to the influx of outside interest remain divided.
The January wildfire destroyed roughly 9,000 structures across Altadena. While cleanup is mostly complete, only a few new homes are currently being built. Many residents remain in limbo — battling insurance disputes, waiting on permits, or struggling with the financial burden of rebuilding.
“I’ve never been in this situation before, so it’s been step-by-step, figuring out all the what-ifs,” said 76-year-old retiree Carl Fromm, who is working to rebuild the home he once shared with his wife. He spoke to The Wall Street Journal from his temporary housing.
While some developers are pursuing higher-density multifamily projects, Castro says his focus is on preserving the community’s character — blending “Willy Wonka-esque” creativity with reasonable profit margins.
He has assembled a small team, including a design consultant, to oversee the rebuilding process. Architectural plans for the first two homes — three-bedroom Craftsman-style houses with additional residential units — have already been submitted for permits. His family office is staffed by friends from Crescenta Valley High School.
Castro maintains that this isn’t the start of a real estate empire.
“The profit margin doesn’t need to be egregious,” he said. “But I’m not building these homes just to give them away.”
Castro is working to build trust through partnerships with local nonprofits and a deliberate, long-term approach. He describes his 10-year rebuilding effort as less a business venture and more a deeply personal mission grounded in legacy and family.
He says he plans to sell only to buyers committed to living in the community — not to outside investors.
“You don’t want to be the first to finish your homes because everybody else will be doing construction,” Castro explained. “If you sell at the end of the timeline, the whole neighborhood will be at value.”
While some residents remain cautious about how Altadena’s character may change, others have embraced Castro’s involvement.
“I feel better about him than anybody else because he’s from the area,” said Joel Bryant, a contractor and longtime local, in an interview with The Wall Street Journal.
An aerial view shows newly built homes in the aftermath of January’s Eaton Fire on Sept. 23, 2025, in Altadena, Calif.
Zaire Calvin, whose family lost two homes in the fire and whose sister, Evelyn McClendon, died during the evacuation, told The Wall Street Journal that he sees promise in Castro’s involvement.
“Billionaires should be the first ones in line to help,” Calvin said. “A collaboration with him would be great to make sure that actually happens.”
Castro has stated he does not plan to purchase any additional properties.
“It’s too much work,” he said. “Imagine a 10-year project. That’s a good chunk of your life.”
For now, the gas station where he bought his winning ticket remains — one of the few structures left untouched by the fire.
