Malibu’s real estate destruction from Woolsey Fire now at $1.6B

The Woolsey Fire burned $1.6 billion worth of single-family homes in the tony seaside enclave of Malibu, including entire neighborhoods.

Around 400 single-family homes and 270 other structures in Malibu were destroyed in the fire, according to a Los Angeles Times analysis of aerial photography and property records.

The median value of destroyed homes there was around $3.47 million. The most expensive home known to be destroyed was an oceanfront mansion near El Matador State Beach that had been on the market for $25 million.

In all, fire damage across Los Angeles and Ventura counties has been estimated at around $5 billion. Around 1,650 structures and 97,000 acres burned during the more than week-long blaze. The fire killed three people and forced thousands to flee their homes in northwest L.A. County, including Calabasas, Agoura Hills, and Westlake.

The destruction and scale of the Woolsey Fire was historic. The number of destroyed structures is expected to surpass that of any other wildfire in Malibu history. It’s also the first wildfire since 1935 to jump across the Pacific Coast Highway and into Point Dume, where some of Malibu’s most expensive homes are located.

Coldwell Banker Residential agent Chris Cortazzo, who lost his home north of Malibu, said the community has been devastated.
“There’s so much destruction,” Cortazzo told the Times. “Everyone’s a little shell-shocked.” [LAT] — Dennis Lynch