A devastating fire has left many celebrities and public figures in Los Angeles without their luxurious homes, including NBA star Paul George. The wildfire, which has spiraled out of control, has caused significant damage to numerous mansions, with some being completely destroyed. According to American media reports, the aftermath of the wildfire has left abandoned luxury cars scattered across the roads, forcing rescue teams to push them aside like garbage to clear paths for rescue efforts.
Paul George, who is currently playing in Philadelphia, has also suffered a significant loss. Although he is away from his family, his wife and children reside in Los Angeles. It was during his time with the Clippers in 2019 that George purchased the mansion that has now been reduced to ashes. The property, which spans approximately 930 square meters over three floors, features seven bedrooms and ten bathrooms. Additionally, it boasts an elevator, swimming pool, climate-controlled wine cellar, and basketball court. George spent a staggering 16.1milliononthishome,whichwasoriginallyownedbyChrisJordan.Jordanboughtthemansionfor12.7 million in 2014 and sold it for $11.7 million a year later. The current owner, Curtis Macnguyen, sold the property to Paul George, but unfortunately, it has now been destroyed.
In the face of such a tragedy, how much compensation can Paul George expect to receive? It's common knowledge that high-end properties like these are typically insured, but the terms of insurance policies can vary significantly. For instance, basic insurance coverage for a mansion like George's could cost hundreds of thousands of dollars annually. In the event of a fire, George would be entitled to full compensation. However, insurance companies often apply depreciation, meaning that while the house itself may have been worth 16.1millionatthetimeofpurchase,thelandremainsintact.Consequently,Georgecanexpecttoreceivebetween5 to 7 million in compensation for the house and its contents.
There is also the possibility of increased insurance value, as the items within each mansion can differ greatly. Many celebrities choose to insure their valuable collections of art or personal jewelry, leading to higher insurance premiums. For example, Lady Gaga has her mansion insured for $290 million, ensuring she receives full compensation in the event of a fire. While this comes at a considerable annual cost, it means that Lady Gaga will not suffer any financial losses should another fire occur.
