You’ve probably stared at a gas station sign at least once in your life and thought, what if? We all have. But for one guy in California, that "what if" turned into a staggering $2.04 billion reality.
Honestly, the numbers are hard to wrap your head around. It’s not just "rich" or "wealthy." It’s an amount of money that basically resets the board for everyone you’ve ever met. As of 2026, that November 2022 Powerball win remains the highest lottery jackpot ever recorded in world history.
The $2.04 Billion Outlier
Before we get into the gritty details of how it changed the winner's life, let's talk about the math. Most people think of billion-dollar jackpots as a regular occurrence now. They aren't. While the game rules were tweaked years ago to make these massive numbers more likely, hitting the top prize is still a 1 in 292.2 million shot.
Think about it. You’re more likely to be hit by a meteorite while being struck by lightning.
The winning ticket was sold at Joe’s Service Center in Altadena, California. The owner, Joe Chahayed, got a $1 million bonus just for selling the thing. Imagine waking up, opening your shop, and finding out you're a millionaire because someone bought a $2 slip of paper at your counter. Kinda wild.
Who is Edwin Castro?
For months, the world didn't know who won. People were obsessed. Then, in February 2023, the California Lottery revealed the name: Edwin Castro.
He didn't show up to the press conference. He didn't want the spotlight. Smart move, probably. He released a statement saying he was "shocked and ecstatic," but he mostly wanted to highlight how much the win helped California public schools. In California, the lottery has to disclose the winner’s name, but they can’t force you to do the "giant check" photo op if you don't want to.
Castro chose the lump sum. Instead of taking $2.04 billion over 30 years, he walked away with $997.6 million before taxes.
The Reality of the Payout (It's Not All Billionaires)
Here is what most people get wrong about the highest lottery jackpot ever. You never actually keep the number you see on the billboard.
- The Cash Option: The $2.04 billion is the "annuity" value. It's what you get if you're patient enough to wait three decades. Most winners, including Castro and the person who won the $1.817 billion Powerball in Arkansas on Christmas Eve 2025, take the cash.
- The IRS Tax Bite: The federal government doesn't play. They immediately withhold 24% for federal taxes. But wait, there’s more. Since the top tax bracket is 37%, you basically owe another 13% when tax season rolls around.
- State Taxes: If you win in New York, you’re losing another chunk (nearly 11% in some cases). If you win in California or Florida? $0. Those states don't tax lottery winnings. That’s a massive swing in your final take-home pay.
If you took that $2.04 billion lump sum today, after all the federal taxes were settled, you’d be left with roughly $628 million. Still enough to buy a small country, but a far cry from the $2 billion headline.
🔗 Read more: Why High Rise Skinny Jeans for Women Still Dominate Your Closet
What Do You Even Buy With That Much Cash?
Edwin Castro didn't just sit on his hands. Reports from 2023 and 2024 showed he went on a bit of a real estate tear.
He bought a $25.5 million mansion in Hollywood Hills. Five bedrooms, seven bathrooms, a movie theater, and a view of the Los Angeles skyline that would make a movie star jealous. Then he bought a $4 million Japanese-inspired home in Altadena, right near where he bought the ticket.
He also picked up a vintage white Porsche 911. It’s the classic "I’m rich now" move, but honestly, who wouldn't?
The Burden of the Win
It’s not all Ferraris and infinity pools. Castro was almost immediately hit with a lawsuit from a man claiming the winning ticket was stolen. The California Lottery stood by their vetting process, and Castro’s legal team eventually swatted it away, but it goes to show: when you have the highest lottery jackpot ever, everyone wants a piece.
You have to hire security. You have to hire tax lawyers. You have to hire wealth managers. You basically become a corporation overnight.
✨ Don't miss: Feminine flower shoulder tattoo ideas that actually age well
The Top 5 Jackpots of All Time
The record book changed a lot between 2022 and 2026. Here is how the leaderboard looks now:
- $2.04 Billion (Powerball, 2022): Won by Edwin Castro in California. Still the king.
- $1.817 Billion (Powerball, 2025): A single winner in Arkansas. This one nearly broke the record during a massive Christmas Eve frenzy.
- $1.787 Billion (Powerball, 2025): Shared by two tickets in Missouri and Texas.
- $1.765 Billion (Powerball, 2023): A group of winners in California.
- $1.602 Billion (Mega Millions, 2023): A single winner in Florida who bought their ticket at a Publix.
Notice a pattern? They’re all recent. Jackpots are getting bigger because the odds were made harder, and ticket prices for some games went up. It’s a "perfect storm" for marketing, but a nightmare for your actual chances of winning.
Actionable Steps for the 1-in-292-Million Chance
Look, if you're going to play, play smart. You won't win the highest lottery jackpot ever by being "due" for a win.
Sign your ticket immediately. In many states, a lottery ticket is a "bearer instrument." That means whoever holds it, owns it. If you drop it and someone else picks it up, it’s theirs. Sign the back. Now.
Stay quiet. If you live in a state that allows anonymity—like Arizona, Delaware, or Arkansas—use it. If you live in California or New York where you have to be named, set up a legal trust before you come forward.
Don't quit your job on day one. It takes weeks, sometimes months, to actually get the money. You need to build a "firewall" of professionals first. A certified tax pro and a lawyer who deals with high-net-worth individuals are non-negotiable.
Fix your "Old Life" before starting the new one. Pay off the debt, set up the family trust, and then—and only then—buy the Porsche. Most winners go broke because they try to live a $2 billion life on a $600 million budget. Sounds crazy, but when you’re buying $50 million houses, the maintenance and taxes will eat you alive.
The reality is that winning the lottery is a massive, life-altering event that is 1% luck and 99% management once the check clears.