Scorched Pacific Palisades Plot Finds a Buyer for ‘Well Over’ $1 Million—Less Than a Month After Home Was Destroyed by Wildfires

A scorched plot of land that was once home to a picturesque Pacific Palisades dwelling that was burned down in the devastating California wildfires has already found a buyer for “well over $1 million.”

The 9,932-square-foot lot was listed for $999,000 on Jan. 16—less than 10 days after the Palisades fire tore through the coastal community, destroyed hundreds of structures, and left dozens of evacuated residents without homes to return to.

A harrowing Google Maps image of the location reveals that the four-bedroom, three-bathroom abode that once occupied the lot was decimated in the fire, along with several other dwellings on the street.

Despite this, the property found a buyer within days of being listed for “well over” the asking price—and a sale is pending.

Although the sellers wish to remain anonymous, property records indicate that they purchased the home for $1.54 million in 2005, and they are understood to have lived there ever since.

According to listing agent Richard Schulman, of Schulman Team/KW Advisors, she did not hesitate to list the property in the wake of the fire—having made the decision almost immediately after the blazes tore through her home that she did not wish to rebuild.

“For her, it’s an easy decision and this made the most sense for her,” Schulman tells Realtor.com®. “She was absolutely clear she was not going to rebuild. She’s staying nearby.”

Aerial images of the address being displayed on Google Maps reveal that the home was one of several in the neighborhood to have been obliterated by the fire, which broke out on Jan. 7 and burned through the Palisades, as well as parts of Santa Monica and Malibu.

The Palisades fire was one of multiple blazes that broke out in Los Angeles County at the start of January and collectively burned more than 57,000 acres, while claiming 29 lives, according to Cal Fire.

Pacific Palisades and Altadena were among the hardest-hit communities‚ with a new report by the University of California, Los Angeles, revealing that the blazes sparked in these areas—the Palisades and Eaton fires—might have caused up to $164 billion in property and financial losses.

Questions now linger as to what will become of the neighborhoods that were devastated by the fires, as residents whose homes were destroyed face the agonizing decision to rebuild or attempt to sell the land so they can walk away—as this one Pacific Palisades resident has done.

Despite the destruction caused by the fires, the listing for the land sought to highlight its “potential,” noting its prime location in the “highly sought-after Palisades Highlands area,” and describing it as a “blank canvas” on which to “create your dream property.”

“While the land has been impacted by the recent Palisades fire, it presents a blank canvas for visionary buyers ready to reimagine its potential,” the description stated.

“Seller is looking for serious offers only so they can move on with their lives. With its unparalleled location and proximity to natural beauty, this property is ideal for those with the foresight to invest in and restore a prized piece of Los Angeles real estate. Don’t miss the chance to bring new life to this remarkable location.”

According to Schulman, the buyer is a “local investor” who plans to develop the property—although the real estate agent conceded that they may have to wait a while before they can do so.

“We don’t know the timeline for cleanup and we don’t know the cost for cleanup … and (the) timeline for permitting. There’s still not any access to the properties in this area,” says Schulman. “There are huge question marks about that.”

Even without a structure, the lot is attractive. It’s 10,000 square feet and on a cul-de-sac in the Palisades Highlands area. Schulman describes it as a “very private neighborhood that’s coastal.”

“We had a lot of activity. We probably had 70 or 80 phone calls. They were entirely out of area and investor-focused,” he says.

“A fair number of homes are still standing in this section. This is a great place to live. People realized that. We had so many phone calls. Despite what happened … this will be an amazing area again.”

Schulman also reveals that other plots of land left behind from the California fires have attracted a slew of interest.

“I believe we’re still the only land property (for sale) in the Pacific Palisades area. I have not been made aware of any off-market transactions of land in the Pacific Palisades area,” says Schulman. Three land properties are on the market in Altadena, where the Eaton Fire destroyed about 9,400 structures.

More than 12,300 structures have been damaged in the disaster, with over 80,000 people being displaced, exacerbating California’s homelessness crisis.