Edwin Castro, who won a record-breaking $2 billion Powerball jackpot in 2022, is making headlines again, not for buying luxury homes or flashy cars, but for snapping up fire-ravaged land in his hometown of Altadena.
In January, the Eaton Fire tore through the San Gabriel foothills, destroying more than 16,000 structures and killing at least 31 people. Altadena alone lost around 9,000 buildings.
Now, with many displaced families choosing to sell their lots instead of rebuilding, Castro has stepped in as one of the biggest local buyers.
“This is for a family that wants to move in,” Castro told The Wall Street Journal. “Those are the people that need to be looked out for right now.”
Rebuilding, Not Flipping
Castro, 33, has already spent $10 million to buy 15 burned-out lots. He says his goal is to rebuild the neighborhood with single-family homes for local families.
“The profit margin doesn’t need to be egregious,” he said. “But I’m not building these homes just to give them away.”
He wants to sell to buyers who plan to stay, not investors or landlords. He also hopes to live in one of the homes himself and build a house with whimsical elements like secret underground rooms.
“I want it to feel like the old neighborhood,” he said. “Like if you put all those houses pre-fire in a time bubble.”
Some Welcome Him, Others Are Skeptical
Some residents appreciate Castro’s approach, especially because he grew up in the area.
“I feel better about him than anybody else because he’s from the area,” said Joel Bryant, a contractor who now lives in nearby Pasadena.
Others are more wary. “He’s just another person trying to get some profit,” said Seriina Covarrubias, whose home survived the fire but suffered smoke damage.
A petition with nearly 1,500 signatures is circulating to block outside investors from buying up Altadena property.
Locals fear a wave of investor-driven development could erase the community’s charm and diversity.
Not Charity, But Personal
Castro, whose father worked in construction, is new to real estate development.
He has hired a team to help, including longtime friends who now help manage his family office.
Two three-bedroom Craftsman-style homes have already been submitted for permits.
He estimates the full build-out will take about 10 years. “You don’t want to be the first to finish your homes because everybody else will be doing construction,” Castro said.
“If you sell at the end of the timeline, the whole neighborhood will be at value.”
He’s also been meeting with nonprofits like the Altadena Earthseed Community Land Trust and the Greenline Housing Foundation to ensure his work aligns with community needs.
A Changing Community
Altadena was once a haven for Black homeowners who were excluded from other areas by redlining.
Today, Black residents make up about 18% of the population, but that number has been shrinking. Some worry the fire will accelerate that trend.
Zaire Calvin, a lifelong resident who lost his home in the fire and whose sister died during the evacuation, said Castro could be a force for good.
“Billionaires should be the first ones in line to help,” he said. “A collaboration with him would be great to make sure that actually happens.”
For Castro, this is more than an investment. It’s a full-circle moment.
“It’s about family. Family is important,” he said. “I want to have kids like yesterday.”
And while the process is slow and the lots are still mostly bare, he’s staying committed. “It’s too much work,” he said. “Imagine a 10-year project. That’s a good chunk of your life.”
But to him, rebuilding Altadena is worth it.