Billionaire buying up properties in Calif. town ‘cannot understand’ why locals are ‘terrified’
A billionaire developer who has been buying up properties in Carmel-by-the-Sea, Calif., says he “cannot understand” why some of the locals are alarmed by his real estate shopping spree — as he insists that he loves the town and wants to “protect its unique history and character.”
Monaco billionaire developer Patrice Pastor set off alarm bells in the picturesque town of 3,000 people when he recently snapped up the historic La Rambla building for $7.5 million to add to his growing Carmel portfolio, which is now said to include at least 15 properties valued at more than $100 million.
But Pastor — known for having an ongoing public feud with Prince Albert II of Monaco — sought to reassure the weary Carmel-by-the-Sea inhabitants that he was not out to spoil their charming enclave.
“Naturally we can understand how someone new in town might make people nervous, especially as we prefer to keep a lower profile,” Pastor told Daily Mail. “But cannot understand why someone would be so worried about our investment in Carmel.
“We have been very clear from our first investment that we love the town, and we want to protect its unique history and character.
“This is why we are focused on purchasing the more beautiful buildings in town like La Rambla,” the billionaire added.
Pastor, 51, broke his silence after an anonymous Carmel businessman was quoted by SF Gate as saying that people in town “are terrified” by the Monaco tycoon’s growing footprint in the town.
“We’re handing over our town to one person who’s doing what he wants to do,” the worried long-time businessman told the publication.
Since 2015, Pastor’s company, Esperanza Carmel, has been buying up commercial properties and noteworthy residential homes in Carmel, including a boat-inspired $22 million house designed by the celebrated architect Frank Lloyd Wright.
His latest acquisition, which sent Carmel’s residents into a meltdown, is the La Rambla property — a two-story white stucco building dating back to 1929.
The attractive property is made up of retail space on the ground floor and apartments on the second floor. It is surrounded by a tiled courtyard adorned with a water feature and hand-carved urns.
Other notable Carmel properties in Pastor’s portfolio include the L’Auberge Carmel Hotel and the Brown-Spaulding Building.
The alarmed business owner who spoke to SF Gate said some in the community are concerned that Pastor’s spending spree is going to send property taxes and rents in the city soaring, causing the locals to be priced out.
“What’s going to happen to our mom-and-pop shops? What’s going to happen to our local feel?” they wondered.
But real estate agent Tim Allen, who listed La Ramba four years ago for $9 million, argued that the panic surrounding the Monaco billionaire is unwarranted.
“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,” Allen told the outlet.
“I know Patrice, he’s like family, and he loves Carmel, loves it. And what he’s doing is good for our community,” Allen added. “When he builds something, he builds absolutely stunning, beautiful properties that will last for 100 years. We need people who are investing that aren’t looking for a return or a flip, we need people who are investing for generations.”
The pastor made headlines in 2022 when the French newspaper Le Monde reported on a leaked email published on the website Les Dossiers du Rocher, which covers scandals surrounding Monaco’s ruling family.
In a message from November 2020, Prince Albert II’s press aide wrote to a friend of the royal: “That octopus Pastor is everywhere! He has gotten his hooks into Monaco. He has gone mad, he has no limits!”
Last May, former Vanity Fair editor Graydon Carter described Pastor to AirMail “as the only man in Monaco more influential than its ruler.”
