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.

Homes destroyed

Sixty-five single-family homes were destroyed and 462 damaged by the flooding and mudslides that struck the city Tuesday after the first winter storm to hit the region, said Amber Anderson, a spokeswoman for Santa Barbara County. Eighteen people have died and four were missing as of late Sunday.

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