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Los Angeles
Jay-Z, Beyoncé break California record with $200M Malibu purchase
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Oakley founder sells Malibu estate for $210M, a state record
James Jannard trades beachfront 10-acre compound to an undisclosed buyer
Eyeglasses mogul James Jannard has sold his 9.5-acre beachfront estate in west Malibu for an eye-popping $210 million, shattering the state home sale record.
The founder of Oakley sold the 15,400-square-foot mansion overlooking 300 feet of sand at 33064 Pacific Coast Highway, near El Pescador State Beach, the Los Angeles Times reported, citing real estate records.
The buyer, shielded by an unidentified Delaware-based limited liability company, was undisclosed.
Jannard bought the eight-bedroom, 14-bathroom estate in 2012 from billionaire Harold Marks for $75 million. The money manager behind Oaktree Capital Management bought the property from Herbalife co-founder Mark Hughes in 2002 for $31 million.
The off-market deal surpasses the $200 million record set by Jay-Z and Beyoncé in May last year for a 6-acre, 40,000-square-foot estate in Malibu’s Paradise Cove.
The previous record was broken in 2021 by billionaire Marc Andreessen, who paid $177 million for a 7-acre estate overlooking Paradise Cove.
The national home sales record belongs to Ken Griffin, who bought a four-level condo in 2019 at 220 Central Park South in New York for $238 million.
Malibu’s 21-mile coast now claims the three most expensive homes in California.
The record-breaking Mediterranean-style mansion, designed by Ferguson & Shamamian Architects, has two gated entrances, two guesthouses, a gym building, tennis court and an ocean-front pool.
Michael Smith, who remodeled the Oval Office in the White House, designed the interior, which has ornate columns, beamed ceilings and steel-and-glass windows.
The front of the mansion looks out onto a vast courtyard and garden, according to the Times. The backyard has a flat lawn surrounding the rectangular pool.
Kurt Rappaport of Westside Estate Agency has represented Jannard.
The luxury market in Malibu has surged. This month, Laurene Powell Jobs, widow of Apple co-founder Steve Jobs, picked up a 1950s ranch house next to two properties she owns in Paradise Cove for $94 million.
Jannard, who launched Oakley in 1975 after dropping out of USC, created an eyewear and apparel behemoth before selling it in 2007 for $2.1 billion. He’s now worth $1.3 billion, according to Forbes.
He just listed a Brutalist-style, 18,000-square-foot mansion with a Stonehenge-inspired motor court at 410 Trousdale Place in Beverly Hills for $68 million.
— Dana Bartholomew
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