A wealthy foreign investor has scooped up nine La Costa burned-out beachfront properties with sales totaling $65 million so far. The unknown buyer has been working with luxury real estate agents Weston Littlefield and Alex Howe of the Weston James Group based out of Los Angeles. The mystery investor is focusing on La Costa beachfront lots with 40-foot frontages at a minimum for optimal future development and already has architects and expeditors in place, according to the New York Post.Â
Since the lots were not listed for sale, the agents used public records to track down owners. Those who sold weren’t interested in the complicated process of rebuilding beachfront homes, seawalls, and advanced onsite wastewater treatment systems, and therefore willing to sell now off-market. The investor says he’s willing to face the rebuild hurdles and hopes new construction will draw wealthy buyers to the area.