If foreign corporations want to buy burned-out properties, can those sales be stopped? Should they be stopped?
When the feared firestorm hit Pacific Palisades, Malibu, and Altadena in Southern California last January, the Los Angeles mayor was MIA, the “public safety” guy in charge—the vice mayor—was on home confinement for making an anti-Israel bomb threat on city hall, fire fighters were not pre-deployed, there was no water in the reservoir, and fire hydrants went dry in the Palisades.
Soon came vows by L.A. Mayor Karen Bass and elected officials in Malibu, Altadena, and the Palisades to streamline the rebuilding and permitting, which turned out to be a joke. Now, amid bad leadership, virtue signaling masquerading as help, incinerated FireAid money, and promises in name only, comes the fire sale.
In early August came word from an exclusive story in Realtor.com that foreign investors were buying up prime lots in the burned-out area of an iconic Malibu beach.
Now, a foreign investor has been secretly scooping up many of the burned lots on the oceanfront side of the PCH—with the vision of rebuilding the mansions that dotted the coastline in the iconic beach town.
‘Once this beach is built back and it’s all brand-new construction, I think it’s going to be a very desirable spot for a lot of wealthy people to try to buy a beach house,’ Weston Littlefield with the Weston James Group tells Realtor.com®.
The luxury real estate agent and his colleague Alex Howe have been working with the investor who has, so far, purchased nine lots worth more than $65 million—but the process isn’t random.
The strip of homes nestled between the Pacific Coast Highway and the Pacific Ocean is the storied La Costa Beach.
Nine of the most desirable lots have been sold by people who can’t wait or can’t afford to rebuild.
Hellbound and Down 
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