Experts Warn Ultra-Rich on Verge of Learning Climate Change Lesson Amid Wildfires
California's billionaires face dilemmas as wildfires threaten their luxury estates, prompting reflections on climate change and rebuilding strategies.
California's Billionaires Face Existential Crisis as Flames Consume Luxury Estates, Private Vineyards
MALIBU — Climate experts are warning that the ultra-rich, whose homes are being incinerated in Southern California’s wildfires, are dangerously close to realizing their lifestyles contribute to climate change.
Flames have consumed private vineyards and multimillion-dollar hillside mansions, forcing some to ask if building a glass palace in a eucalyptus grove was the best idea.
The fires, fueled by relentless drought and high winds, have torched some of California’s most exclusive zip codes, sparking fears among real estate developers and insurers. “If billionaires stop building in extreme fire zones, what happens to the infinity pool industry?” said Bryce Ashcroft, a prominent luxury home builder.
Insurance companies, meanwhile, worry that any newfound awareness can lead to demands for rational rebuilding strategies, threatening their lucrative cycle of repetitive coverage.
Despite the risks, many in the one percent stay optimistic.
Applications for rebuilding permits are already soaring, with even larger estates planned for the same fire-prone areas. “This is just part of the California dream,” said Madeline Crest, an evacuee whose 14,000-square-foot home was reduced to ash. “It’s devastating to lose everything but it’s also a chance to reimagine my property. I can incorporate better views and more modern amenities.”
“The fires are a reminder of how important it is to keep moving ahead. If anything, it’s inspired me to build something even more special.” ■
