Tasteful Friends, Powerball Winner Edwin Castro Buys Up Burned Altadena Lots

Altadena lost approximately 9,000 structures in the fires that raged through Pacific Palisades and surrounding areas such as Eaton, Topanga, and Malibu, burning approximately 24,000 acres.

Castro purchased his winning Powerball lottery ticket at an Altadena gas station, Joe's Service Center, in 2022. (The gas station survived the wildfires.)

He had been renting in the neighborhood and working as a private architecture consultant (he studied architecture at Woodbury University in Burbank) when he hit it big, taking home a lump sum of $768 million.

Since then, he has bought several trophy properties, including a $4 million Altadena Japanese-style home for his parents, a $45.76 million Bel-Air mansion (which he reportedly picked up for "cheap," as it was originally listed for $87 million), and a $25.5 million Hollywood Hills manse.

But he didn't escape the Los Angeles fires unscathed. His $3.8 million waterfront Malibu house was reduced to concrete pillars and smoldering wood.

While his parents' Altadena home survived the fires, it reportedly suffered smoke damage.

Castro spent his early years in the neighborhood, but he and his family left for La Crescenta when he was in the third grade. He returned after college, spending time in various rentals before buying the winning ticket that changed his life.

The multimillionaire has remained close to his roots. His real estate investment company, Black Lion Properties LLC, is headed up by his brother, Jesse. High school pal Jacqueline Dilanchyan runs his family office and helps manage his winnings. He still gets together to play video games with old friends from Altadena.

Given his attachment to the area and his real estate background, it's not surprising that he is eager to help turn the neighborhood around.

“This is for a family that wants to move in,” he told the Journal of his plans to build "mostly" single-family homes on the purchased parcels. “Those are the people that need to be looked out for right now.”

It's unclear whether he plans to build anything bigger than single-family homes. Realtor.com® reached out to his foundation and his family office, ECG, for comment.

He told the outlet he wants to sell to families who want to "settle down" in the neighborhood and hinted that he might be one of those families, planning to build a home on two cleared lots, with the home being "Willy-Wonka-esque."

"I want to have kids like yesterday," the 33-year-old single Castro told the outlet. "It's about family. Family is important."

Design consultant Arvin Shirinyans has already drafted plans for two homes, both Craftsman-style three-bedrooms with an ADU attached.

But the larger lots will have "wow factors," Dilanchyan told the outlet. It's unclear what that would entail, exactly.

Thus far, most Altadena residents seem on board with the lottery winner buying up much of their neighborhood.

"I feel better about him than anybody else because he’s from the area," local contractor Joel Bryant told the outlet.

Most residents clearly want the neighborhood to retain its old small-town, charming feel and are wary of big-time developers coming in and putting up massive condominiums. They hope that Castro, who partly grew up in the community, will understand that.

"I want it to feel like the old neighborhood," Castro told the Journal. "Like if you put all those houses pre-fire in a time bubble."

However, don't expect any major bargains from Castro. "I’m not building these homes just to give them away," he told the Journal, estimating that the homes won't all be completed for another decade.

But some neighbors aren't convinced.

"He’s just another person trying to get some profit," local Seriina Covarrubias, whose home suffered smoke damage, told the Journal.

Some are concerned that the developers will gentrify the area.

Agent Khari Washington, of 1st United Realty & Mortgage, grew up in the neighborhood. He says his grandfather Herbert Boulin was in real estate and instrumental in helping Black families buy properties. His grandfather's house, which was no longer in the family, burned down.

"There is hope that [the fires] won't lead to mass displacement and a decline in the wealth of the families living in the area," he tells Realtor.com. He says he is encouraged by the fact that, so far, sellers are receiving fair market prices.

As for Castro buying so heavily in the area, Washington says the jury is out on whether this is welcome news.

"It is more about what he does with [the plots]. The damage is done, and those families' lives have been upended," he says. "Creating beautiful, charming properties that are then sold to owner-occupied individuals is a more beneficial approach, so that is encouraging.

"[Castro] growing up in the area helps people feel he will continue to do something helpful for the community, but anyone from anywhere could do the same. We just have to wait and see the results."

While some properties were snapped up within days of being razed by fire, and even over the asking prices, others have lingered on the market.

There are currently 162 plots of land for sale in Altadena on Realtor.com, starting at $150,000 for an 8,067-square-foot lot and capping out at $17.5 million for six parcels totaling 3 acres.

Many listings give details of where the property is in the permits process.

"The land has been fully cleared through certified Phase I and Phase II post-fire cleanup and is ready for new construction. Zoned LCR2YY, the property may allow for a single-family residence or potentially two units, such as a main home with an additional unit (buyer to verify with the county)," says a listing for a 5,500-square-foot lot at 1003 E Mariposa St. for $400,000.

A small 845-square-foot, two-bedroom house previously sat on the lot.

"Buyers and builders might be able to take advantage of L.A. County's post-fire pre-approved plan and AI-assisted permitting program, enabling faster approvals and reduced design costs," says the listing, held by Zoltan Peresztegi of Keller Williams Palos Verdes.

"Opportunities for new development in this area are limited, and the surrounding neighborhood has seen increased interest in redevelopment."

A 5,850-square-foot lot on Grandeur Avenue has a pending sale with a $420,000 price tag.

"While affected by the Eaton fire, it now presents a fresh start for buyers with a vision," says the listing, held by Heather Lee Presha of KHORR Realty.

"Debris removal has been completed. Buyers to do their own due diligence to confirm the debris removal phases on record."

Many people—especially older people—chose to sell rather than spend their golden years wrangling with city offices and contractors. Many also discovered that their insurance wouldn't cover the costs of a full rebuild.

"They came in over asking (price), no contingencies, no hang-ups, no hiccups, and so the sale went through very quickly. We were trying to get ourselves out of a position that was very horrible for us," local artist John Horny told the Los Angeles Daily News of selling to Castro.

He and his wife, Susan, are 69 and 75, respectively. The couple went under contract with Black Lion Properties LLC a week after putting their half-acre lot, the former site of their three-bedroom home, on the market on March 7.

"We knew the property was valuable because we were on a cul-de-sac, and it’s a very lovely area, very quiet and peaceful. And we just thought best thing for us to do is to sell it," he told the outlet.

"The more move-in ready properties that have the least impact in the surrounding areas are attractive for people," Tracey Kardash of Shulman Team in Los Angeles, whose own house on the Altadena border was affected by smoke, tells Realtor.com. "If you're buying and there's been a lot of impact around you, you don't know the long-term of what the area will look like.

"It depends on size and area," she says, noting that north of Loma Alta is more attractive to buyers due to the spectacular views of the San Gabriel Mountains. "It's a foothill community, and it's exciting to be in the foothills. People are competing for the lots. Especially developers, because if you're buying a lot, it has to be cash."

If a plot is lingering, Kardash says it is because it's priced too high.

"Developers are now understanding that they—cash buyers—are needed. So they are being choosy and negotiating hard on the ones that don't have something spectacular."

Prices in the area have come down a bit since questions began arising about the future of the area, including soil and water quality.

"Once you get to $1.5 million and above, there's less buyers," she says.

But ultimately, she believes that "Altadena is going to come back strong. It's just a matter of time."

"I'm thrilled he chose his hometown of Altadena," says L.A. real estate investor Jameson Tyler Drew. "Once people start making the big bucks, they rarely go back to their hometown, let alone spend the time and money to improve it. Altadena and its people deserve a break.

"Mr. Castro could very well live on his own private island somewhere and never interact with anyone ever again, but he chose to come back home, and I applaud him for it."

[quote]"I want to have kids like yesterday," the 33-year-old single Castro told the outlet.

Somewhere in Calabasas, a 70 year old woman and her five daughters all spontaneously ovulated at the same time.