19 February 2024 , 09:01
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Local residents fear for their town's future after a Monaco billionaire purchased another historic building in California.
Patrice Pastor, 51, has been buying homes and businesses in the small town of Carmel since 2015 including a £19million Frank Lloyd Wright house.
The billionaire, who become embroiled in a feud with Monaco's Prince Albert II, owns more than a dozen properties in the area which has left Carmel residents "terrified" that they are "handing over our town to one person who’s doing what he wants to do."
Camel, which has just 4,000 residents, is well-known to celebrities including Brad Pitt, who purchased a £20million home there in 2022 and was named the "destination of the moment" by Vogue magazine.
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Patrice Pastor has been buying up properties in California (Getty Images)And now Pastor's latest purchase has included the historic £6million La Rambla building made up of two flats and two commercial spaces. The white villa-style property has a large sunny courtyard with a water feature.
He also purchased renowned architect Frank Lloyd Wright's only existing oceanfront home for £19 million back in 2021. The property was designed to look like a boat cutting through water. Lloyd Wright originally designed the house, also known as 'the cabin on the rocks,' for artist Della Walker around 1950.
Pastor is also currently running three construction projects in the area, including Ulrika Plaza's new build development, which will be a 42,000 square foot mixed-use, retail and residential space.
Residents say they fear for the future of the town (Esperanza Carmel)It lists the the JB Pastor Project which will be a 30,000 square foot mixed-use, retail, and residential.
The billionaire is also renovating the Rocky Point Project, which states on his website: "Originally constructed in 1951, located on Highway 1 between Carmel and Big Sur, Rocky Point enjoys one of the best views in the world."
In addition, he owns buildings including the L’Auberge Carmel Hotel, the Brown-Spaulding Building, and the Eastwood Building. It has left residents and local businesses concerned about the future of their town.
The concerned business owner told SFGATE that 'people are terrified'. One said: "What’s going to happen as he spends so much money on the building, the property tax goes up and the rents go up and the only people who can afford it are chain stores?
'What’s going to happen to our mom-and-pop shops? What’s going to happen to our local feel?'
The billionaire has slowly been buying up an entire town (Esperanza Carmel)However, not everyone is feeling nervous with estate agent Tim Allen claiming the purchases are "good for the community."
He told SFGATE: "I think the focus has been on "Oh my gosh, he’s buying up everything!" But the reality is he owns very little compared to some families that have been here for a while.
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'We need an influx. If he’s restoring something in an area that’s big or small, it shows that if people work together, as opposed to thinking someone’s right or wrong, then you can move everything in the right direction.
"'I know Patrice, he’s like family, and he loves Carmel, loves it. And what he’s doing is good for our community."
Karyl Hall, who helped form the Carmel Preservation Association told the local newspaper Carmel Pine Cone, residents should feel "lucky" he has chosen the area to buy, she said: 'We are the luckiest people in the world to have him (Pastor) come in.
"He cares about Carmel and cares that Carmel keeps its character… He has the money to come in and do what nobody else can do."