Los Angeles Financial News

Edwin Castro, who made headlines after winning the world’s largest-ever Powerball jackpot worth $2.04 billion, has seen his luxurious Malibu beachfront home completely destroyed by the Palisades fire. According to The New York Post, the fire left only the concrete pillars and charred remains of what was once a $3.8 million property. Images obtained by The US Sun show the desolation left behind, with just the foundations and planks of wood visible where Castro’s mansion once stood. What was once a high-end retreat now lies in ruins after the fire tore through the region. After his record-breaking win in November 2022, Castro, 31, made several luxury property acquisitions. The Malibu property was just one of them. He also purchased a $25.5 million mansion near the iconic Chateau Marmont in West Hollywood, a $47 million Bel Air estate, and a $4 million Japanese-style home in Altadena, located around 25 miles from Los Angeles.

«The price gouging is going haywire, it's obscene,» the 50-year-old stylist told AFP. «I can't find anywhere for us to go.»

Firefighters raced Saturday to cut off spreading wildfires before potentially strong winds return that could push the flames toward the world famous J. Paul Getty Museum and the University of California, Los Angeles, while new evacuation warnings left more homeowners on edge. A fierce battle against the flames was underway in Mandeville Canyon, home to Arnold Schwarzenegger and other celebrities not far from the Pacific coast, where swooping helicopters dumped water as the blaze charged downhill. Firefighters on the ground used hoses in an attempt to beat back leaping flames as thick smoke blanketed the chaparral-covered hillside. At a briefing, CalFire Operations Chief Christian Litz said a main focus Saturday would be the Palisades Fire burning in the canyon area, not far from the UCLA campus.

The wildfires that erupted this week across Los Angeles County are far from contained, but they're already expected to be the costliest in U.S. history and among the worst natural disasters

Many users are pointing to unusual patterns in the destruction, particularly how palm trees remain unscathed while cars and homes burn around them, fueling bizarre claims about the origins of the blazes.

Los Angeles wildfire has now taken a very dangerous turn, with chances that things could stay worse for the days ahead, based on the poor atmospheric conditions and dense winds. The Palisades wildfire has already taken the death toll to double-digit figures, and even after more than a thousand firefighters on active duty, controlling the damage to properties is still looking like an uphill task. As per reports, Altadena, Hollywood Hills, Acton, and other neighborhoods have been hit by a series of fires, and its impact will affect a lot of other regions as well.

Woods acknowledged that while his home remains intact, it wasn’t untouched by the fire. «In this hellish landscape, 'standing' is relative,» he said, noting that while his house is still there, it has been damaged by smoke and other effects, which is far less severe than the complete destruction surrounding it. Earlier in the week, Woods was among the hundreds of thousands in Los Angeles forced to evacuate as wildfires rapidly spread across the city. Convinced his house would be lost, he posted updates on X, sharing images of the charred remnants of homes around him. «So many beautiful messages from all of you,» Woods later tweeted. «I’m so happy and grateful, but honestly, the entire area looks like the dark side of the moon.»

Los Angeles Department of Water and Power: «Do not drink or cook with the tap water… Do not treat the tap water yourself.» This alert, aimed at Pacific Palisades and surrounding neighbourhoods affected by the Palisades Fire, is part of a series of advisories stemming from the growing wildfires that have already ravaged the region, reported America's NPR. The growing concern? Wildfires like the ones tearing through Los Angeles can dangerously compromise local drinking water systems, a problem experts say is becoming more common as wildfires intensify. According to Andrew Whelton, a professor of civil engineering at Purdue University who has studied wildfire-related water contamination, the damage can be severe. «They will find contamination,» Whelton explained. «The question is how high is it? Where is it? What parts of the communities will have to have restrictions,» he told the American broadcasting organisation.

evacuation orders and posing a new challenge to exhausted firefighters. Six simultaneous blazes that have ripped across Los Angeles County neighborhoods since Tuesday have killed at least 11 people and damaged or destroyed 10,000 structures. The toll is expected to mount when firefighters are able to conduct house-to-house searches. The fierce Santa Ana winds that fanned the infernos eased on Friday night. But the Palisades Fire on the city's western edge was heading in a new direction, prompting another evacuation order as it edged towards the Brentwood neighborhood and the San Fernando Valley foothills, the Los Angeles Times reported.

Pope Francis expressed his sadness over the devastation caused by the recent wildfires in California, offering spiritual support to the victims in a telegram sent to the Archbishop of Los Angeles. «Saddened by the loss of life and the widespread destruction,» the pope conveyed his «spiritual closeness» to those affected, according to Vatican Secretary of State Pietro Parolin, reported the Associated Press. Among the most tragic losses were houses of worship, including the Pasadena Jewish Temple and Center, which was destroyed by the flames. Cantor Ruth Berman Harris, along with three others, risked their lives to rescue Torah scrolls from the temple as the fire approached. «It’s the heartbeat of any Jewish community,» Berman Harris of the Torah told the Associated Press. Her quick action, despite road closures, saved the sacred texts, but the synagogue itself was lost. «The flames were getting closer,» she explained, recalling how a nearby congregant called her to alert her about the danger. The temple, a cornerstone of the community for over 80 years, was reduced to a few walls and empty space. «There’s absolutely nothing except for a few walls and the empty space,» said Melissa Levy, the synagogue's executive director. Nevertheless, the AP report noted that many congregants have visited the site to say their farewells to a place where they celebrated family milestones and faith, reported the Associated Press.

Wasfi Maasarani, a prominent singer and a symbol of the Syrian uprising, took the stage to celebrate «Syria's victory.» The Wednesday performance marked Maasarani's return to Syria after 13 years of exile. While living in Los Angeles, Maasarani had continued to support the Syrian revolution through his music, touring across the US and Europe, reported AP. The concert was organized by the Molham Volunteering Team, a humanitarian group founded by Syrian students, and also coincided with the one-month anniversary of a rapid insurgency that ousted former President Bashar Assad. Maasarani's revolutionary anthems, along with those of late singer and activist Abdelbasset Sarout, played a pivotal role in galvanizing opposition throughout Syria's 14-year uprising-turned-civil war, which began in 2011, reported the news agency.

But she still had nine more dogs and a pig to evacuate, so flagged down some 18-year-olds with a truck who agreed to take them to a shelter. She couldn't bring two ponies with her, but she left the corral open so they could escape if needed. «That's how we evacuated almost 30 animals,» she said. «It was crazy.»

Jenna Cooper started asking friends for clothing and other items to help people in need. Her request spread quickly through a network of powerful women. Actors including Sharon Stone and Halle Berry responded, providing sweaters, shoes, clothing, handbags, belts, pajamas and more pulled from their own collections. «I'm packing up my entire closet,» Berry wrote on Instagram. «If you live in the Southern California area, I urge you to do the same. This is something we can do right now.»

Los Angeles sports organizations are uniting to launch an “LA Strong” custom logo and apparel line that will raise money for organizations assisting those impacted by this week’s devasting wildfires

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‘Million Dollar Listing Los Angeles’ star Josh Flagg discusses evacuating Los Angeles amid the flames on ‘The Claman Countdown.’

Ben Affleck returns to his unharmed Pacific Palisades home after fleeing to his ex-wife Jennifer Garner's home. Although the neighborhood where the actor's «bachelor pad» is located is still vulnerable to potential new fires, it was one of the few locations that survived the tragedy. ALSO READ Malibu: Once dotted with gleaming beachfront villas, now looks like a ghost town; the devastation looks apocalyptic. Here are details

Malibu are revealed. The burnt-out mansions are initially the exception when travelling south through smoky skies along the well-known Malibu coast. They are isolated wrecks that smoulder away in between rows of intact, shining beachfront villas. However, as you approach the Pacific Palisades, the epicentre of the destructive fires in Los Angeles, those little charred ruins turn into irregular groups, followed by an endless line of charred, collapsed houses, as quoted in a report by AFP.

Quebec said Friday it will send two more firefighting aircraft to California, a day after one of the province’s water bombers collided with a drone while battling the wildfires ravaging the Los Angeles area.