Rich Residents of Burning Palisades Make Over $350,000

By Douglas A. McIntyre Published Jan 9, 8:15AM EST

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The Pacific Palisades wildfires remain out of control.
A significant number of multimillion-dollar homes could be lost in the flames.

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Rich Residents of Burning Palisades Make Over $350,000 — © E4C / E+ via Getty Images

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.

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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.