Overview

• Monaco billionaire Patrice Pastor has acquired at least 15 properties in Carmel, Calif., including the historic La Rambla building, raising concerns among residents.
• Locals fear Pastor's real estate spree could lead to increased property taxes and rents, potentially displacing long-standing businesses and altering the town's character.
• Pastor insists his investments aim to preserve Carmel's unique history and character, emphasizing his love for the town and desire to protect its charm.
• An anonymous Carmel businessman expressed that the community feels 'terrified' by Pastor's growing influence, fearing a loss of control over their town.
• Real estate agent Tim Allen defends Pastor's actions, arguing that his investments are beneficial for the community and will contribute to its long-term prosperity.