Complex sentence: Toluca Lake started out as Forman Toluca Ranch, a ranch known for its crops of peaches, apples and walnuts, but after development is currently home to affluent residents, many of whom work as part of nearby Hollywood's film industry.
Split into simpler sentences: Toluca Lake started out as Forman Toluca Ranch, a ranch known for its crops of peaches, apples and walnuts. Today, it is noted as a home to affluent residents, many of whom work as part of nearby Hollywood's film industry.