Monaco Billionaire Patrice Pastor Threatens to Abandon Carmel-by-the-Sea Investments Amid Development Stalemate

Monaco billionaire Patrice Pastor, who has invested over $100 million in Carmel-by-the-Sea properties, has declared his intention to abandon the quaint California coastal town, citing years of frustrating development delays and what he calls a “strange community.” His decision comes after the City Council recently (August 4) delayed action on his latest project, the JB Pastor development, which he has been trying to get approved for six years.

Pastor, scion of a powerful Monaco real estate family, expressed his exasperation in a statement, accusing city officials of using “reasons that are akin to a schoolyard” to obstruct his plans. “It’s time to leave this strange community, if you can call it a community,” he stated, indicating a reevaluation of his significant investment in the area.

Carmel-by-the-Sea is renowned for its strict development regulations, designed to preserve its unique “village character.” These rules have notoriously slowed down construction and renovation projects, a challenge that even former mayor Clint Eastwood famously battled. Pastor’s projects, including the long-stalled “The Pit” site and the JB Pastor development, have faced numerous redesigns and appeals over issues ranging from building size limits to the preservation of a small concrete wall.

While Pastor’s local company, Esperanza Carmel LLC, decries the process as a “mockery of the city’s own rules” and a “last-minute political maneuver,” opponents, including former city officials, insist they are merely ensuring consistent application of city codes. They argue that Pastor is not being singled out and that all developers must adhere to the town’s stringent guidelines.

The exact implications of Pastor’s threat remain unclear: whether he will halt ongoing projects, sell his extensive portfolio which includes historic landmarks like The Hog’s Breath Building and Frank Lloyd Wright’s Cabin on the Rocks, or simply cease new investments. His real estate agent, Tim Allen, noted that Pastor is weighing his options, urging the town to rally around the billionaire, or risk losing his vital contributions to new infrastructure and housing.

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