Billionaire Palmer Luckey is facing legal trouble regarding his $2.5 million rebuild of a property in Newport Beach, California, which was meant to house his extensive classic car collection. The project involved demolishing a $3.8 million house and building a new structure with four car elevators. However, Luckey filed a lawsuit alleging that the elevators were faulty and had trapped occupants, including himself. The lawsuit claims that the property is “uninhabitable and unusable” due to these issues, leading to millions of dollars in damages.
Luckey, who is estimated to be worth $2.3 billion, is best known for selling his virtual reality headset business Oculus to Facebook and founding defense startup Anduril. Despite his wealth, the lawsuit against the elevator contractor and construction company involved in the project is ongoing. Luckey’s lawyer stated that the elevator had repeatedly malfunctioned and trapped occupants inside, making the property essentially useless for its intended purpose of housing his car collection.
The billionaire’s collection includes vehicles such as a 1969 Ford Mustang, a military surplus Humvee, and a 1967 Disneyland Autopia car, which reportedly broke down during an interview. Additionally, Luckey owns a 2001 Honda Insight that he bought as a teenager, as well as a collection of helicopters, a missile base, and a former U.S. Navy speedboat. Despite some negative reactions from neighbors, Luckey expressed his satisfaction with his collection in various interviews.
Luckey’s property rebuild in Newport Beach was approved by the City of Newport Beach Building Division in July 2020, but issues with the elevator system have hindered its functionality. Luckey’s lawyer claimed that the elevators were unsafe and too slow, contrary to the specifications in the contract. Custom Cabs, the elevator company, denies the allegations and has filed a motion to strike the claims. The construction company, WT Durant, also maintains that it fulfilled its contract obligations with regards to the property rebuild.
The lawsuit highlights the challenges faced by Luckey in realizing his vision for a luxury car storage facility within his oceanfront mansion. Despite the setbacks, Luckey’s net worth and entrepreneurial pursuits suggest that he will continue to navigate legal disputes and business endeavors in his quest to build and expand his empire. As the case unfolds in court, the outcome will determine the future of Luckey’s Newport Beach property and his ability to showcase his prized classic car collection in a safe and functional manner.
