In a record-breaking real estate deal, the founder of Oakley, James Jannard, has sold his Malibu home for an astounding $210 million, making it the priciest home ever sold in California. This sale surpasses the $200 million that Jay-Z and Beyoncé paid for their Malibu compound last year.
The luxurious 15,000-square-foot estate is situated on 9.5 acres of prime clifftop land
Jannard, who established the eyewear company Oakley in 1975, made a significant profit on the property. He originally purchased the home in 2012 for $75 million. According to the Los Angeles Times, which reviewed the real estate records, the buyer’s identity remains unclear, with the purchase recorded under a Delaware-based limited liability company.
The luxurious 15,000-square-foot estate is situated on 9.5 acres of prime clifftop land, featuring its own 300-foot stretch of oceanfront. The property includes eight bedrooms, 14 bathrooms, a spacious courtyard, a gym, and two guesthouses.
Malibu, located 45 minutes from Los Angeles, is renowned for its appeal to celebrities and the ultra-wealthy. With the sales of Jannard’s property and the Jay-Z/Beyoncé estate, Malibu now boasts the three most expensive homes in California. The third record-holder is an estate purchased by venture capitalist Marc Andreessen for $177 million in 2021.
California, the most populous and wealthiest state in the U.S., faces a severe housing shortage, driving property prices well above the national average. In Southern California, the average home price is nearly $900,000, more than eight times the average annual income.