Damian DeSena photo
The outside of the home Pacaso purchased at 1627 Rainier Avenue.
On Friday, following neighborhood protest, CEO and Napa resident
Austin Allison said his company was removing the Rainier Avenue
listing from its website and pausing all showings to
re-evaluate whether this property is the best fit for their
portfolio.
Sarah Klearman
This is a photograph of Gayle Olsonâs website advertising a yoga
retreat at a Pacaso home in east Napa where she is a fractional
owner. The offering was taken down following the Registerâs
inquiry
Many Napans heard the name Pacaso for the first time this week.
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Many Napans heard the name Pacaso for the first time this week.
The real estate startupâs million-dollar purchase of a house in Napaâs Bel Aire neighborhood in early April caught the attention of the propertyâs neighbors, many of whom shared their opposition to Pacasoâs business model during public comment at Napa City Councilâs meeting Tuesday afternoon.
âI was like â âyouâre kidding. Come on. On this street? Why would anyone want to live on this street in that sort of format?ââ neighbor Thom Licthenstein, a 26-year resident of the Bel Aire neighborhood, told the Register this week of his reaction to news of the propertyâs purchase by Pacaso.
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Connie Wilson and Larry Vermeulen
Pacaso Inc is a Delaware-based real estate holdings company founded in 2020, (and doing business as Landholdings, Inc. until October of that year). They have raised a billion dollars in funding from angel investors and venture capitalists. Pacaso creates a Limited Liability Company (LLC) to purchase a home in a desirable vacation destination, then sells âsharesâ in that LLC, claiming that the shareholders are âfractional ownersâ of the property.
Through this legal sleight-of-hand they claim that they are exempt from all regulations pertaining to time-shares or short-term vacation rentals. In fact, when the city attorney found that their fractional ownership model was just a time-share with a different name, Pacaso filed suit in the U.S. District Court of Northern California, arguing among other things, that the city of St. Helena does not have the authority to regulate the kinds of uses that occur within its boundari