In Carmel-by-the-Sea, a popular tourist destination located on the Central Coast of California, a recent $7.5 million sale has sparked concern among many locals, who fear Monaco billionaire Patrice Pastor is quickly buying up the tiny Monterey County village.
Pastor’s latest acquisition, the La Rambla building, is a two-story stucco structure that boasts retail space on the ground floor and apartments on the second level, complete with Juliet balconies facing the street.
Built in 1929, the building’s defining feature is a courtyard decorated with a variety of tiles and hand-carved stone urns.
