California wildfires destroy Powerball billionaire Edwin Castro's $3.8M Malibu home
What's the story
Record-breaking Powerball jackpot (worth $2.04 billion) winner Edwin Castro has suffered a major loss amid the devastating Palisades fire in Southern California.
According to the New York Post, Castro's luxurious Malibu beachfront home, which was worth $3.8 million, was completely destroyed by the fire.
The only thing left of the once opulent property are its concrete pillars and charred remains.
Property acquisitions
Castro's real estate portfolio and wildfire crisis
After his historic Powerball win in November 2022, Castro purchased several high-end properties.
His portfolio comprises a $25.5 million mansion near the iconic Chateau Marmont in West Hollywood, a $47 million Bel Air estate, and a $4 million Japanese-style home in Altadena.
The Palisades fire is part of a larger wildfire crisis that has consumed almost 20,000 acres of land and destroyed over 5,000 properties thus far.
Impact assessment
Wildfires cause widespread destruction and displacement
The wildfires have wreaked havoc across Los Angeles, killing at least 10 people and forcing thousands of residents to evacuate.
Properties of other celebrities like Paris Hilton, Billy Crystal, and Mandy Moore have also been destroyed by the flames.
These fires are among California's worst ever, with over 130,000 people evacuated and economic damages expected to exceed $150 billion.
Containment efforts
Firefighters struggle to contain wildfires
Firefighters are struggling to contain the blazes, with many still raging and the Palisades fire just 6% contained. The Kenneth fire is another blaze that has quickly spread to 960 acres.
Senator Adam Schiff has urged residents to evacuate immediately if told, stressing that "You can rebuild, but you cannot replace your life."
President Joe Biden has approved a federal disaster declaration for Los Angeles County amid the catastrophic events.