Residents of California are expressing alarm over the intentions of two billionaire brothers from New Zealand who have acquired land following the catastrophic fires in Los Angeles. The January 2025 blaze ranks as the most destructive in the city’s history, obliterating over 6,800 structures across Southern California. In Malibu, an upscale area known for its celebrity homes, about 720 properties were reduced to ash. One year on, locals are finding it tough to compete with developers for reconstruction opportunities. The Mowbray brothers, Nick and Mat, who made their fortune with a toy empire, purchased 16 fire-damaged plots in Malibu through their tech company, aiming to introduce AI-designed, mass-produced homes built in China, as reported by KABC.
The brothers, who established the internationally renowned toy company Zuru, are branching into various fields, including robotics and construction. Their products, such as Robo Fish, Bunch O Balloons, and Mini Brands, are global hits. They intend to offer affordable, factory-made homes on their newly acquired land within three years. Marcel Fontijn, Zuru Tech’s director of operations, highlighted the unique and fire-safe nature of their system to the local news station. “Our walls are constructed from AAC, a lightweight concrete with excellent insulation, while the roofs are concrete,” he explained.
Malibu City Councilman Voices Concern
Malibu City Councilman Steve Uhring voiced his concerns to KABC about the potential transformation of these plots into large, expensive mansions by the brothers, potentially driving prices beyond reach for those who lost homes. Uhring emphasized the importance of a community of invested homeowners actively participating in local affairs to rebuild the city’s spirit. He remarked, “Eventually, people will see that these New Zealanders are billionaires looking for profit. Whether their current plan will yield that profit or if it will evolve, only time will tell.”
Fontijn insisted the brothers genuinely want to help rebuild Malibu and the luxury prefabricated houses will be priced based on the real estate market when they are listed. ‘Our attention is not on stealing their land or commercializing Malibu. We truly want to return Malibu to what it can be, hopefully a better version of its past self,’ he said. ‘Our plan was to build one home that was used by the Mowbrays, but after we bought the first lot, we had many public inquiries if we were interested in buying additional lots. ‘We don’t want to go through a California Coastal Commission to build very large mansions. We want to truly rebuild what was here before.’
Only 22 Permits Issued as Malibu Rebuild Lags
Rebuilding appears to be slow in Malibu, where only 22 building permits have been issued since the fires. Meanwhile, more than 1,300 permits have been issued in the city of Los Angeles in Pacific Palisades. Malibu locals fear that at the current pace, rebuilding may take more than a decade and have started putting their properties up for sale. In October, experts warned that ‘supply is exceeding demand’ and lots are being listed at discounted rates of 20 to 60 percent, according to the LA Times. At the time, around 75 lots had sold in Malibu since the deadly blaze, but sales were slowing down and 47 percent of the 160 remaining listed lots had dropped in price. The Daily Mail has reached out to Zuru and the Mowbrays’ representative for comment.
