A property investor is expecting to lose around $24 million on his beachfront Malibu mansion - which he had hoped to fetch $40 million for this spring.
Robert Rivani spent $27,000,000 on the glitzy estate that has since burned to the ground at the hands of the LA wildfires, and is only expected to receive $3 million from insurers.
The 34-year-old could only watch as his five-bedroom investment, which saw a luxurious zen garden with an incredible water feature sit at the heart of the impressive Carbon Beach home, was reduced to rubble.
Advert
"3 years of work burned down to the ground and 10s of millions of dollars lost because insurance barely covers s*** in the corrupt State of California," Rivani fumed on Instagram.
"I'm at a loss for words on how pathetic this state is run, no water for fire hydrants, no planning to prevent these fires every year, no funding for firefighters instead budget cuts?
"Wtfffff is wrong with you people, where does all the tax money go? Oh that's right corrupt politicians!!!!! F*** you California and Los Angeles."
Advert
Before adding: "At the end of the day me and my family are safe and that's truly all that matters. My prayers to all the other families that are being affected by this."
The manor sat on the illustrious Carbon Beach, an oceanfront stretch of mansions dubbed 'Billionaires' Beach', and was a mere months from completion - having started renovating the property three years ago.
On the night of January 7, the day the wildfires began, Rivani was at his home in Miami, Florida, when he heard news of flames engulfing entire neighborhoods in northwest LA.
He received video footage of the wildfires from his architect which appeared to show flames in the back yard of his property, by morning there was nothing but ash and rubble left of his investment.
Advert
While he did insure his property with Fair Plan, a state-run company, it only covers up to $3 million worth of damage - meaning that if it does pay out he'd be out of pocket by $24 million.
Unfortunately, Rivani explained that insurers will not cover his property for its full value, but anticipates that he'll still have to pay in the region of $100,000 each month for mortgage and property tax payments.
Speaking to the Wall Street Journal, he said: “It’s catastrophic. How do you sum up losing over $20 million in 24 hours to any human being?
Advert
"The land that was once worth $15 million is probably worthless now, too. What value do you put on an entire community where the land is burnt to a crisp, where you don’t have restaurants or grocery stores, gas stations or working power?”
Topics: Wildfires, Los Angeles, Property
Joe Yates