It seems that the rich get hit a lot by California’s coastal wildfires. Malibu, one of the richest towns in America, has lost homes that cost tens of millions of dollars. The latest victims are the residents of Pacific Palisades, where residents make an average of $359,000 annually. Typical properties in the area sell for $4.5 million, particularly along the ocean.
24/7 Wall St. Key Points:
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The Pacific Palisades wildfires remain out of control.
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A significant number of multimillion-dollar homes could be lost in the flames.
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The Palisades sits just west of Los Angeles and south of the famous Hollywood sign. If the fires spread further west they could enter Los Angeles proper.
The Palisades, which is home to about 23,000 people, was founded by Methodists in 1921. One thing residents like is that there are many places around it where people cannot build new homes. This is because it is adjacent to the Santa Monica Mountains National Recreation Area.
There are 8,200 homes in Pacific Palisades, and given that the fires there remain out of control, a significant number could be lost in the flames.
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