Residents of the fire-scarred celebrity enclave of Malibu, California, are expressing deep anxiety that a multi-million pound land purchase by a pair of New Zealand billionaire brothers could permanently alter their community and prevent locals from returning home.
The Land Purchase and Community Fears
The concern stems from the acquisition of 16 wildfire-burned plots in Malibu by Nick and Mat Mowbray, the founders of the global toy empire Zuru. The brothers used their tech company, Zuru Tech, to make the purchases in the aftermath of the catastrophic January 2025 Los Angeles wildfires. That blaze, the most destructive in LA's history, obliterated more than 6,800 homes and buildings across Southern California, with roughly 720 properties reduced to rubble in Malibu alone.
One year on, the rebuilding process has been painfully slow. Only 22 building permits have been issued in Malibu, a stark contrast to the over 1,300 permits granted in the nearby Pacific Palisades area of Los Angeles. This glacial pace has left many residents desperate, with some now putting their properties up for sale.
Clashing Visions for Malibu's Future
The Mowbrays' company plans to construct cut-price, factory-built homes manufactured in China using AI design. Marcel Fontijn, Zuru Tech's director of operations, told local news that the system uses fire-safe materials like lightweight aerated concrete (AAC) and aims to have homes available within three years, priced according to the market. He insisted their goal is to help rebuild, not commercialise Malibu.
However, Malibu City Councilman Steve Uhring holds a different view. He fears the brothers will combine the lots to build unaffordable mega-mansions, profiting from the disaster while shutting out the original community. "It's gotta be a community that has a group of homeowners who live here, who are invested in the community," Uhring stated, adding his belief that the billionaires are ultimately "in it to make money."
A Sluggish Recovery and Falling Prices
The broader real estate market in the fire zones reflects the uncertainty. Reports indicate that burned lots are being listed at discounts of 20 to 60 percent, with sales slowing and nearly half of remaining listings seeing price drops. Experts warn that supply is exceeding demand, creating a buyer's market for developers with deep pockets.
This context amplifies local fears. With rebuilding potentially taking more than a decade at the current rate, residents worry that well-funded outside investors like the Mowbrays will reshape the coastal community, making it impossible for many who lost everything to ever return to their beloved enclave.
