Billionaires certainly do love the idea of wave pools even if very few of them have shown the ability to turn much of a profit. A new pool may be going into livable, lovable El Segundo, California if Toba Capital gets their way, according to a story on Costar.com.
A company tied to billionaire Vinny Smith’s Toba Capital has spent $54 million for a 9-acre slice of the former Raytheon Technologies Campus at 100 Nash in the city adjacent to Los Angeles, according to CoStar data. . . The firm is expected to build a surf park, a type of mixed-use real estate that is gaining traction across the globe with improvements in artificial wave technology and consumer demand for experiences in the wake of the pandemic.
You may remember Mr. Smith from his first pool venture, the Palm Springs Surf Club. Again, if a billionaire just wants to throw a couple ten millions around and get not much in return, we know of a great website they could buy. It’s surf adjacent, has a small, dedicated following, and could make those millions disappear in a myriad of fun ways.
[Link: Costar.com]
