In the center of Carmel-by-the-Sea, where the ocean breeze meets the charm of Spanish-style architecture, a recent $7.5 million sale has sparked a mixture of intrigue and concern amongst locals.
The La Rambla constructing, a historic gem dating back to 1929, with its charming retail spaces and chic apartments, has modified hands, adding one other notch on the belt of Monaco billionaire Patrice Pastor, SF Gate reports.
Built in 1929, the two-story stucco structure boasts retail space on the bottom floor and apartments on the second level, complete with Juliet balconies facing the road.
The property was initially listed back in 2020 by local real estate agent Tim Allen for $9 million.
Located on the corner of Lincoln Street and Ocean Avenue, La Rambla’s defining feature is its courtyard — a serene escape adorned with intricate tiles and hand-carved stone urns.
The acquisition is just one in all many for Pastor, who has quietly amassed a set of prized properties in Carmel over the past decade, including notable landmarks just like the L’Auberge Carmel Hotel and the Brown-Spaulding Building.
His growing footprint within the small town has left some residents uneasy, fearing the lack of their beloved community to the whims of 1 wealthy individual.
“People are terrified,” confessed a long-time Carmel resident and business owner, speaking anonymously to SF Gate. “We’re handing over our town to 1 one who’s doing what he desires to do.”
Pastor’s popularity precedes him, with Le Monde, a French publication, detailing his clashes with Monaco’s Prince, Albert II. Described as “influential” and “canny,” Pastor’s dealings have drawn each admiration and wariness.
Specifically, on May 15, 2022, Le Monde reported on a classified email published on a web site called Les Dossiers du Rocher.
In the November 2020 message, Prince Albert II’s press adviser, Nicholas Saussier, sent an email to Thierry Lacoste, a friend of the prince: “That octopus Pastor is in every single place! He has gotten his hooks into Monaco. He has gone mad, he has no limits!”
Last May, former Vanity Fair editor Graydon Carter, described the high-profile developer “because the only man in Monaco more influential than its ruler.”
While some, like local realtor Tim Allen, see Pastor’s investments as helpful, others fear the results.
Rising property taxes and the displacement of local businesses are among the many concerns voiced by residents.
“We need people who find themselves investing for generations,” Allen argued to SF Gate, highlighting the potential long-term advantages of Pastor’s projects.
“I feel the main target has been on, ‘Oh, my gosh, he’s buying up every little thing!’ But the truth is he owns little or no in comparison with some families which have been here for some time,” he explained. “We need an influx. If he’s restoring something in an area that’s big or small, it shows that if people work together, versus considering someone’s right or flawed, then you definitely can move every little thing in the proper direction.
“I do know Patrice, he’s like family, and he loves Carmel, loves it,” Allen continued. “And what he’s doing is nice for our community. When he builds something, he builds absolutely stunning, beautiful properties that may last for 100 years. We need people who find themselves investing that aren’t searching for a return or a flip, we’d like people who find themselves investing for generations.”
However, skeptics query whether these investments will preserve Carmel’s unique character or erode its small-town charm.
Pastor’s spokesperson, Chris Mitchell, assures the general public of their intentions to take care of La Rambla’s character as residents remain vigilant.
Carmel finds itself at a crossroads, uncertain of the trail ahead. Will Pastor’s presence herald a recent era of prosperity, or will it mark the start of the tip for the town’s cherished identity?
Carmel’s allure lies in its upscale accommodations, boutique shopping, gourmet dining and convenient access to pristine white sand beaches, drawing in a good portion of the 4.6 million visitors who flock to Monterey County every year.
However, with only 3,000 everlasting residents, Pastor’s rapid acquisition of various high-value and historic landmarks in Carmel over the past decade has transformed his once leisurely retreat right into a high-stakes enterprise, unsettling some throughout the community.
“Now is the time to arise,” residents told SF Gate. “If not now, then we’re going to feel and look incredibly different in five years.”
