Real estate investor Robert Rivani reportedly spent $27 million purchasing and renovating a luxury beachfront home in Malibu.

The Palisades Fire has burned approximately 23,700 acres and damaged or destroyed an estimated 5,300 structures. I Photo: CAL_FIRE_official
After the mansion was destroyed in the Palisades Fire last week, Rivani expects to receive only a $3 million insurance payout, Jason Ma reported for Fortune.
According to the Wall Street Journal, Rivani had planned to list the five-bedroom mansion this spring for $40 million, after purchasing it for $19.55 million in 2022. However, the devastating fire reduced the property to ashes.
“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?” he told the Journal.
The Palisades Fire has burned approximately 23,700 acres and damaged or destroyed an estimated 5,300 structures, including many high-value homes. So far, officials have confirmed eight deaths caused by the blaze.
Rivani revealed that no insurance company would cover the full value of the Malibu mansion, leaving him reliant on California's insurer of last resort. The state’s FAIR Plan, however, caps residential policyholder coverage at just $3 million.
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