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A large bush fire threatens more than 25,000 homes and structures in Los Angeles as Southern California grapples with a brutal wind storm Tuesday. The Palisades Fire has burned nearly 3,000 acres acres since it was reported at around 10:30 a.

U.S. private forecaster AccuWeather said on Wednesday that estimated damage and economic loss from the California wildfire, already one of the worst in history, is over $50 billion at a preliminary level.