The 15,000-square-foot home on 9.5 acres is not publicly listed for sale. The deal exceeds the nearly $200 million Beyoncé and Jay-Z spent last year on Malibu.
exist Inman Connect Las Vegas, July 30-August. On January 1, 2024, the noise and misinformation will be cut away, all your big questions will be answered, and new business opportunities will be revealed. join us.
Eyewear tycoon James Jannard may be feeling pretty good this week after selling his Malibu mansion for $210 million, breaking California residential real estate sales records in the process. Los Angeles Times the report said.
The deal tops another shocking sale in Malibu last spring: Beyoncé and Jay-Z bought the son of soap opera creators Bill Bell and Lee Phillip Bell for nearly $200 million A mansion designed by Tadao Ando.
However, the deal still doesn’t quite match the record for the most expensive home sale in the United States, which still belongs to the $238 million penthouse at 220 Central Park South purchased by Citadel CEO Ken Griffin in 2019.
Participate in the June INMAN Intel Index Survey
Jannard founded the designer sunglasses brand Oakley in 1975 and made huge profits from the sales. He purchased the oceanfront property from billionaire investor Howard Marks in 2012 for $75 million. Marks bought the property from Herbalife co-founder Mark Hughes in 2002 for $31 million.
The sale was completed off-market and the identity of the buyer is unknown as it was recorded as a Delaware-based limited liability company. Kurt Rappaport of Westside Estate Agency is Jannard’s real estate agent.
The Palladian-style main house itself is quite large, at over 15,000 square feet (with eight bedrooms and 14 bathrooms), but the scale of the land on which the home sits is striking for its location. The estate sits on 9.5 acres with 300 feet of ocean frontage near El Pescador State Beach.
The interior design is by Michael S. Smith, the same designer who remodeled the Oval Office in the White House. Design features include intricate columns, beamed ceilings and steel-glass windows.
There are courtyards and gardens at the front of the hotel and a swimming pool at the rear overlooking the sea. There is also a gym and two hotels on site.
The Malibu estate isn’t the only property Jennard is currently looking to sell — he also recently listed a fortress-like concrete modern home in Beverly Hills for $68 million. The 18,000-square-foot property includes a “Stonehenge-style circular motor court” and curved corridors leading to separate guest apartments. Rappaport and Josh Altman and Matt Altman of Douglas Elliman’s Altman Brothers represented the listing.
With this latest sale, Malibu now holds the title of three of the most expensive home sales in California history. In addition to deals by Janard, Beyoncé and Jay-Z, Marc Andreessen purchased a $177 million property in Malibu’s Paradise Cove in 2021, making it the third-largest deal in the state.
Complexities in Los Angeles’ luxury market, such as the ULA tax on properties selling for $5 million or more, have cooled the market in recent years, but Malibu appears to be driving a recovery. The city also emerged earlier this month after Laurene Powell Jobs, the widow of Apple Inc. Steve Jobs, purchased an oceanfront property in Paradise Cove for $94 million. Another spectacular auction.
Jennard attended Alhambra High School in Los Angeles and then the University of Southern California before dropping out. He reportedly founded Oakley with his own car Forbes, took the company public in 1995 and sold it to Luxottica in 2007 for $2.1 billion. According to statistics, his current net worth is $1.3 billion Forbes.
Get Inman’s Luxury Lenses Newsletter Delivered directly to your inbox. Every Friday is an in-depth look at the biggest news in high-end real estate. Click here to subscribe.
Email Lillian Dixon
