Billionaire buys historic buildings in US resort town (8 photos)

Recently, a Monaco billionaire named Patrice Pastor bought a historic building in a small tourist town in California for $7.5 million. This caused a storm of concern among local residents: they fear that the billionaire is going to buy up all the buildings, because this is not his first acquisition.





Residents of the small town of Carmel in California, USA, are concerned: billionaire from Monaco Patrice Pastor is rapidly buying up local historical buildings. The businessman recently purchased the two-story, stucco-clad La Rambla building for $7.5 million. It was built in 1929, with retail space on the ground floor and apartments with balconies on the second floor. This building, located in the heart of the town, is a place treasured by local residents.



Over the past nine years, Pastor has purchased more than 12 expensive historic properties in Carmel, and residents are sounding the alarm. Many local residents are terrified - they fear that the billionaire will one day buy up the entire city and valuable buildings. According to one local businessman, the city is literally being “given into the hands of one man, who will do what he wants in it.” In addition, Pastor is often criticized in the media. However, local realtor Tim Allen emphasizes the potential long-term benefits of his investment:

"We need people who are investing for future generations. Right now the focus is on, 'Oh my God, he's buying everything!' But in reality, Pastor owns very little compared to some of the families who have been here for a long time," the realtor said.





Carmel is a cute town by the sea, which has long been loved by tourists from all over the world. According to the 2020 census, there are only 3,220 permanent residents in the city. Every year it is visited by 4.5 million tourists. It features upscale accommodations, boutiques, art galleries and white sandy beaches.