Billionaire out to ‘crush people’ buys up properties in Carmel, Calif. — and locals are ‘terrified’
In the heart of Carmel-by-the-Sea, where the ocean breeze meets the charm of Spanish-style architecture, a recent $7.5 million sale has sparked a mix of intrigue and concern among locals.
The La Rambla building, a historic gem dating back to 1929, with its charming retail spaces and elegant apartments, has changed hands, adding another notch on the belt of Monaco billionaire Patrice Pastor, SF Gate reports.
Built in 1929, the two-story stucco structure boasts retail space on the ground floor and apartments on the second level, complete with Juliet balconies facing the street.
The property was initially listed back in 2020 by local real estate agent Tim Allen for $9 million.
Located at the corner of Lincoln Street and Ocean Avenue, La Rambla’s defining feature is its courtyard — a serene escape adorned with intricate tiles and hand-carved stone urns.
The acquisition is just one of many for Pastor, who has quietly amassed a collection of prized properties in Carmel over the past decade, including notable landmarks like the L’Auberge Carmel Hotel and the Brown-Spaulding Building.
His growing footprint in the small town has left some residents uneasy, fearing the loss of their beloved community to the whims of one wealthy individual.
“People are terrified,” confessed a long-time Carmel resident and business owner, speaking anonymously to SF Gate. “We’re handing over our town to one person who’s doing what he wants to do.”
Pastor’s reputation precedes him, with Le Monde, a French publication, detailing his clashes with Monaco’s Prince, Albert II. Described as “influential” and “canny,” Pastor’s dealings have drawn both admiration and wariness.
Specifically, on May 15, 2022, Le Monde reported on a classified email published on a website called Les Dossiers du Rocher.
In the November 2020 message, Prince Albert II’s press adviser, Nicholas Saussier, sent an email to Thierry Lacoste, a friend of the prince: “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 the high-profile developer “as the only man in Monaco more influential than its ruler.”
While some, like local realtor Tim Allen, see Pastor’s investments as beneficial, others fear the consequences.
Rising property taxes and the displacement of local businesses are among the concerns voiced by residents.
“We need people who are investing for generations,” Allen argued to SF Gate, highlighting the potential long-term benefits of Pastor’s projects.
“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,” he explained. “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,” Allen continued. “And what he’s doing is good for our community. 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.”
However, skeptics question whether these investments will preserve Carmel’s unique character or erode its small-town charm.
Pastor’s spokesperson, Chris Mitchell, assures the public of their intentions to maintain La Rambla’s character as residents remain vigilant.
Carmel finds itself at a crossroads, uncertain of the path ahead.
Will Pastor’s presence herald a new era of prosperity, or will it mark the beginning of the end for the town’s cherished identity?
Carmel’s allure lies in its upscale accommodations, boutique shopping, gourmet dining, and convenient access to pristine white sand beaches, drawing in a significant portion of the 4.6 million visitors who flock to Monterey County each year.
However, with only 3,000 permanent residents, Pastor’s rapid acquisition of numerous high-value and historic landmarks in Carmel over the past decade has transformed his once leisurely retreat into a high-stakes venture, unsettling some within the community.
“Now is the time to stand up,” residents told SF Gate. “If not now, then we’re going to look and feel incredibly different in five years.”
