Nearly a year after devastating wildfires tore through Altadena, California, Powerball winner Edwin Castro has become one of the town’s biggest land buyers—spending $10 million to purchase 15 burned-out lots with plans to rebuild single-family homes.
Castro, who won a record $2 billion Powerball jackpot in 2022, says his goal is to help restore the community where he grew up while running a sustainable business. “The profit margin doesn’t need to be egregious,” he told the Wall Street Journal. “But I’m not building these homes just to give them away.”
While some residents welcome the rebuilding effort, others fear it could accelerate gentrification and erase Altadena’s small-town character. A petition to limit outsider purchases has already gathered nearly 1,500 signatures, with some community members warning of a “second wave of disaster” following the fires. New California housing laws that allow more multi-unit development in single-family neighborhoods have added to local unease.
Altadena—long a refuge for Black homeowners and still one of the more diverse communities in the Los Angeles area—has faced rising property values and growing concerns about displacement.
Castro, 33, grew up in a middle-class Altadena family and says he’s determined to honor the neighborhood’s spirit. He plans to live on two of the rebuilt lots, designing a personal residence with what he describes as “quirky, creative” features, and says he’ll sell the other homes to families rather than investors.
Before his lottery win, Castro was renting a room from a local family and working as an architecture consultant. While some residents question his motives, others appreciate his roots and familiarity with the community. “I feel better about him than anybody else because he’s from the area,” said local contractor Joel Bryant.
A spokesperson for Castro said his property purchases also help residents ready to move on. “Many people who were affected by the fires in Altadena cannot or do not want to rebuild,” the spokesperson said. “These purchases will help some of them, while keeping ownership of the property local.”
Castro’s own family home in Altadena, a $4 million property he bought for his parents, sustained smoke damage during the Eaton Fire. His $3.8 million Malibu mansion—one of several properties he owns in the Los Angeles area—was completely destroyed in the Palisades Fire. In total, roughly 9,000 structures were lost in the Altadena fires, though the gas station where Castro bought his winning ticket remained untouched.