On social media, many viewers were stunned after an investor lost $27,000,000 in the LA wildfires, criticized insurance, and hoped for compensation for his property
Robert Rivani, a property investor, has faced a devastating loss after his Malibu mansion burned down in the LA wildfires.
How Rivani lost his $27 million mansion in the wildfires
Rivani had invested $27 million into the luxurious beachfront mansion, located on the prestigious Carbon Beach, known as ‘Billionaires’ Beach.’
The property, which featured a stunning zen garden and water feature, was nearing completion after three years of renovation.
However, on the night of January 7, the wildfires spread rapidly across northwest LA, destroying entire neighborhoods, including Rivani’s home.
While in Miami, Rivani received video footage from his architect showing flames near his property. By morning, the mansion was reduced to ash and rubble.
Investor who loses $27,000,000 in LA wildfires criticizes insurance coverage
The estate, which he had hoped would fetch $40 million, was destroyed in a matter of hours, leaving him to contend with a mere $3 million insurance payout.
Rivani had insured his property with Fair Plan, a state-run company, but the coverage was far from sufficient.
The insurance only covers up to $3 million, leaving him with a $24 million loss.
Despite the catastrophic damage, Rivani still faces monthly expenses, including mortgage and property tax payments, totaling around $100,000.
Rivani criticized the insurance and hoped to receive compensation for his property after the wildfire devastated his mansion.
Rivani shared his frustration on Instagram, stating, “Three years of work burned down, and tens of millions lost because insurance barely covers anything.” He criticized California’s inadequate preparation for wildfires and questioned where the tax money goes, especially given the state’s lack of resources for firefighting efforts.
He added: “I’m at a loss for words on how pathetic this state is run, no water for fire hydrants, no planning to prevent these fires every year, no funding for firefighters instead budget cuts?
“Wtfffff is wrong with you people, where does all the tax money go? Oh that’s right corrupt politicians!!!!! F*** you California and Los Angeles.”
The loss of his property took an immense emotional toll on Rivani.
In his post, he expressed anger towards the state and its handling of the situation.
However, he also acknowledged the importance of family safety. “At the end of the day me and my family are safe and that’s truly all that matters. My prayers to all the other families that are being affected by this.” Rivani said, offering his prayers to other families affected by the wildfires.
Rivani’s emotional toll of losing everything sparked debate among viewers.
His post gained attention, with many expressing empathy for his loss.
However, others criticized Rivani, suggesting that since he remains a millionaire, he should donate to the many poor people who lost their homes.
The future of the burnt property and its surroundings
Rivani’s mansion sat on land once worth $15 million, but its value is now uncertain.
The destruction has left the entire community in disarray, with businesses, services, and infrastructure severely impacted.
Rivani questioned how to assess the value of land in a community that has been devastated by wildfires. He emphasized the broader consequences of these fires, noting that the entire area’s viability is now in question.