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MALIBU, Calif.—On a half-mile stretch of the Pacific Coast Highway that hugs the Malibu coastline, some 70 luxury homes once stood shoulder to shoulder on the sand, with uninterrupted views of the ocean. It will take years to grapple fully with the cost of the disaster across Los Angeles, expected to be one of the most expensive fires in modern global history. Others lost their only residence, and the losses extend beyond real estate.