7 months ago
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James Jannard, the founder of eyewear brand Oakley, has sold his Malibu mansion for a record-breaking $210 million, The LA Times reported. This sale eclipses the previous record of $200 million set by Jay-Z and Beyonce last year for their Malibu home.
Jannard originally bought the property for $75 million in 2012, making a substantial profit from the sale. The buyer remains anonymous as the transaction was done by a Delaware-based company.
Built on 9.5 acres of cliff-top land near El Pescador State Beach, the mansion has eight bedrooms, 14 bathrooms, a gym, and two guesthouses. Designed by Michael S. Smith, known for his work on the White House, the property includes luxurious details like ornate columns and floor-to-ceiling windows with ocean views. It also has a vast lawn and a pool overlooking the Pacific.
The sale, handled by Kurt Rappaport of Westside Estate Agency, sets a new standard for luxury real estate in Malibu though it falls short of the overall US record of $238 million paid for a New York City condo in 2019.
James Jannard, a Los Angeles native, founded Oakley in 1975 and sold the company for $2.1 billion in 2007. Mr Jannard, who has a net worth of $1.3 billion, has listed another unique property in Beverly Hills at $68 million. The property has Brutalist-style interiors across 18,000 square feet and a Stonehenge-inspired motor court. It includes 5 bedrooms and 10 bathrooms.
Kurt Rappaport and Josh and Matt Altman of Douglas Elliman are managing the sale.
Malibu now holds the top three highest home sales in California history, with Jannard's sale joining Jay-Z and venture capitalist Marc Andreessen on the prestigious list. Mr Andreessen purchased an estate in Malibu's Paradise Cove for $177 million in 2021.
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