https://fortune.com/2025/01/13/la-fires-real-estate-investor-robert-rivani-malibu-mansion-insurance-payout/
Rivani said no insurance company would cover the Malibu mansion for its full value, forcing him to turn to California’s insurer of last resort. But the state’s FAIR Plan coverage for residential policyholders maxes out at just $3 million.
In addition, he told the Journal that he expects to make mortgage and property tax payments that together will exceed $100,000 per month—despite the fact that the house is gone. (Homeowners affected by the fires can qualify for temporary relief on mortgage payments and property taxes.)
They have a mansion on what seems to be a rapidly shrinking, thin strip of land between the ocean and the highway. And a fire got it lol. Great foresight here
I can't believe someone got to sell it for $27M with that location. Your front yard is a 4-lane road. Not even a good boulevard with trees, just yellow stripes in the middle. Your back yard is 20ft of rocky beach during low tide. Fucking abysmal location.
The beach house that gives you high blood pressure
legit, the location is fucked. the views are all that place has going for it, and while west coast sunsets can be a 10/10 experience... 30 years of them aren't worth $27M. get some custom made 8k display on a wall and get an actual place in a real community and save $20M. somewhere walking out your front door doesn't mean getting pancaked by some coked out IP lawyer powersliding down the highway in his hand polished robin's egg blue aston martin at 8am.
It's like one big storm away from just falling into the sea and he still got someone to insure it
The funny thing is that he didn't. No private company would insure it so he had to rely on the state as the insurer of last resort.
this is hilarious. what a perfect concrete financial example of how clueless, impractical and incompetent capitalist "investors" are about how anything works. dropping 27 million on kindling in a wildfire prone tinderbox and insure it at 10% of value against fire.
my man did a triple jump summersault into a fucking portapotty. can you imagine a six figure mortgage payment on ashes and mud?
get absolutely fucked, bozo.
I just think about how much value was taken from working people to build that in the first place.
That's right next to the Chumash bunker on GTA online!
Malibu and the surrounds burn several times every single decade, and still these dipshits build there. This is the extremely rare example where I'll admit insurance companies have a point
