Oakley founder James Jannard has sold his Malibu mansion for $210 million, a historic deal. It’s the most expensive home sale in California history.
The blockbuster sale, exclusively reported by The Times and based on real estate records, raises the stakes for the Golden State’s home sales. It took the crown from Jay-Z and Beyoncé, who spent $210 million on a concrete building in Malibu last year.
That was a huge profit for Jennard, who paid $75 million for the beachfront estate in 2012. It was bought from Herbalife co-founder Mark Hughes in 2002 for $31 million.
The deal was done quietly because the house was never officially listed. The buyer is unclear; records show it was purchased by a Delaware LLC.
In terms of size and size, the estate is virtually unrivaled even in a wealthy market like Malibu. It covers 9.5 acres and includes a rare 300 feet of ocean frontage near El Pescador State Beach.
The Palladian-style main house, built by Ferguson & Shamamian Architects, spans over 15,000 square feet and features 8 bedrooms and 14 bathrooms.
Designer Michael S. Smith, who remodeled the Oval Office, was responsible for the interior, which showcases ornate columns, beamed ceilings and steel-glass windows in the formal living spaces.
There is a spacious courtyard with a garden in front of the hotel. There is a flat lawn out back with a swimming pool overlooking the ocean. Other buildings include a gym and two guesthouses.
Calls to Jennard’s agent, Kurt Rappaport of Westside Estate Agency, went unanswered.
The eyewear mogul has had a busy month. In addition to the record sale, he has another home on the market: a monolith in Beverly Hills that looks more like a supervillain’s lair than a house.
Listed for $68 million, the property features a Stonehenge-style motor court and a curved concrete corridor that leads to a Brutalist-style space. It has five bedrooms, 10 bathrooms and 18,000 square feet.
Priced at $68 million, James Jannard’s Beverly Hills home looks more like a supervillain’s lair than a house.
(Mark Angelis/Anthony Barcelona)
Rappaport joins Josh Altman and Matt Altman of Douglas Elliman in holding the Beverly Hills-based company.
Malibu now has three of the highest home sales in California history. In addition to Jannard and Jay-Z, venture capitalist Marc Andreessen, who spent $177 million in 2021 to purchase a sprawling estate in Malibu’s Paradise Bay, also made the list.
Malibu has been at the forefront of a resurgence in Southern California’s luxury market, which has fallen into a lull in recent years after a red-hot period during the pandemic. Earlier this month, Laurene Powell Jobs, the widow of Apple visionary Steve Jobs, paid $94 million for a beachfront estate in Paradise Cove.
A native of Los Angeles, Jennard graduated from Alhambra High School and attended the University of Southern California before dropping out. He founded Oakley, Inc. in 1975 and grew the company into an eyewear and apparel giant before selling it in 2007 for $2.1 billion.
Forbes puts his net worth at $1.3 billion.
