Fire-ravaged Pacific Palisades lot sells for over $1 million after home reduced to ashes by wildfires

Wildfires' wake: California faces deeper housing scars

Southern California's recent wildfires have exacerbated the housing crisis, causing rental prices and home values to skyrocket. This surge is making it extremely difficult for families displaced by the fires to find stable housing as they try to rebuild their lives. FOX Weather is joined by Laura Adams, senior analyst at AceableAgent.com.

PACIFIC PALISADES, Calif. – The charred remains of a Los Angeles-area home, now just a spacious lot, have found a buyer willing to pay over $1 million, the property's listing agent reports.

Days after the devastating Jan. 7 wildfires in Southern California's Pacific Palisades, the 9,932-square-foot piece of land where a four-bedroom, three-bath abode once stood hit the market for $999,000. 

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An aerial image shows homes damaged and destroyed by the Palisades Fire in the Pacific Palisades neighborhood of Los Angeles, California, on January 29, 2025.

(PATRICK T. FALLON/AFP via Getty Images)

The homeowner decided not to rebuild after fires tore through the coastal community, destroying hundreds of structures and leaving dozens of evacuated residents without homes to return to, according to Richard Schulman of Schulman Team/KW Advisors, speaking to Realtor.com. 

"For her, it’s an easy decision and this made the most sense for her," he said. "She was absolutely clear she was not going to rebuild. She’s staying nearby."

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The 9,932-square-foot lot was listed for $999,000.

(Google Maps via Realtor.com)

Schulman adds that the seller purchased the home for $1.54 million in 2005 and has lived there since. He described the buyer as a local investor who plans to develop the property. However, the timeline for rebuilding remains uncertain. 

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Watch: Houses destroyed in aerial video of Palisades Fire aftermath

Destroyed homes and scorched palm trees and vegetation are left behind in drone video of Malibu after the Palisades Fire.

"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," he said. "There are huge question marks about that."

Despite these challenges, Schulman said the lot's prime location in a private, coastal cul-de-sac attracted significant interest, with 70-80 inquiries, primarily from out-of-area investors. 

The widespread destruction caused by the Palisades and Eaton fires has not diminished the appeal of the inferno-ravaged areas, as evidenced by Schulman's pending sale. These fires, which impacted Los Angeles County, burned over 57,000 acres and tragically took 29 lives, according to CAL FIRE.

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Charred remains of homes seen in Pacific Palisades after deadly California wildfires

FOX Weather's Robert Ray recorded this video of the aftermath of the Palisades Fire that ripped through parts of the Los Angeles metro area.

The fires are estimated to have resulted in up to $164 billion in property and financial losses, damaged over 12,300 structures and displaced over 80,000 people, further compounding California’s housing crisis.

Schulman said his listing is likely the only one currently on the market in Pacific Palisades, and he's unaware of any off-market land sales. Other fire-ravaged properties are also attracting interest, with three land parcels currently listed in nearby Altadena. 

"This is a great place to live. People realized that," he said. "Despite what happened … this will be an amazing area again."