The rains and flooding struck the community of Montecito after it had just escaped relatively unscathed from the largest wildfire in modern California history, which raged through the region last month. (Image captured from YouTube)

Updated Sunday, Jan. 14, 2018, 7 p.m. ET

(Bloomberg) – The mudslides on the California coastal town of Montecito have devastated a wealthy enclave where billionaires including Charlie Munger, Eric Schmidt and Oprah Winfrey own properties, with hundreds of millions of dollars of damage in one of America’s most expensive real estate markets.

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