Overwhelmed by the fast pace and Hollywood, California glamour of his new ocean resort, Peasgood learned to pick up tabs more that he could afford on the modest salary of a city official. In the spring of 1922, at the peak of his career, Peasgood disappeared with the entire city treasury, leaving on his office door the sign “Gone Fishing”.
Understandably upset with their city government, disenchanted Venice citizens voted by a thin margin to accept annexation by the City of Los Angeles. Los Angeles promptly paved over most of Venice canals and then leased oil-drilling rights along the beach. Although Peasgood never returned to the City of Venice, the legacy left by James Peasgood is still with us today.

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