New Wave of Development: Billionaire Behind Palm Springs Surf Club Buys Land in El Segundo

The South Bay is making waves, literally. Vinny Smith, billionaire owner of the Palm Springs Surf Club, just acquired a 9-acre parcel in El Segundo for $54 million with plans to develop a new surf park. The site sits near TopGolf and the Porsche Experience Center, adding another destination to El Segundo’s growing mix of lifestyle and entertainment experiences.

This project represents more than just another development — it’s a reflection of El Segundo’s evolution into one of the most dynamic mixed-use submarkets in Los Angeles. With its proximity to LAX, coastal accessibility, and a growing roster of creative, tech, and lifestyle brands, El Segundo continues to attract both institutional and private investors looking for long-term upside.

While details of the surf park haven’t been released yet, the acquisition underscores a broader trend: investors are doubling down on destination-driven amenities that blend recreation, community, and commerce. It’s another example of how the South Bay is evolving beyond traditional office use, creating new opportunities for both tenants and developers alike.