Ritzy LA Enclave Suffers Staggering Wealth Wipe Out — as Mansion Owners Slam Gavin Newsom
21st March 2026
A ritzy Los Angeles enclave is seeing their wealth wiped out as bungling Democratic state leaders have failed to act while a massive landslide accelerates — leaving their homes teetering on the edge of a cliff.
Residents of the posh coastal city of Rancho Palos Verdes tore into Gov. Gavin Newsom for sinking critical legislation that would help protect properties in the idyllic community 30 miles south of downtown Los Angeles.
Peter Pettler, 83, told The California Post that he’s seen the value of his sprawling 2,700-square-foot ranch-style home plummet in value from $2.5 million to just $515,000.
He was once even offered a pathetic $5,000 for his four-bedroom, four-bathroom manor.