$1,500,000 for the Entire Palos Verdes Peninsula??

I came across a good blog written by one of our real estate colleagues, Elaine Carlson, also of RE/MAX Palos Verdes Realty.  She mentions in her article about Palos Verdes Estateshow Frank Vanderlip Sr. and partners bought the entire Palos Verdes Peninsula in 1913 for $1,500,000.  Can you imagine?  In today’s dollars you’d get one house for that price – here’s one for example – 1305 Via Zumaya – listed for $1,495,000 – it’s been on the market for 17 days so far and sadly there is only one photo of the ocean view.  (this is one of my pet peeves – a listing with no photos of the house – leads one to believe that this house is a “fixer upper.”)  Here’s the ocean view photo…. So in today’s dollar this is the view you can get along with a house that needs some work.  The question is – how much was $1,500,000 worth in today’s dollars?   According to http://www.MeasuringWorth.com it is worth $31,500,000 using the Consumer Price Index.  That’s a lot of money Frank Vanderlip Sr and his partners ponied up!