In a historic deal, Oakley founder James Jannard sold his Malibu mansion for $210 million. It is the most expensive home sale in California history.
The blockbuster sale, reported exclusively on by The Times and based on real estate records, ups the ante on what a home can cost in the Golden State. At $210 million, he takes the crown from Jay-Z and Beyoncé, who paid $200 million for a concrete complex in Malibu last year.
It's a huge win for Jannard, who paid $75 million for the beachfront property in 2012. He bought it from billionaire investor Howard Marks, who bought it from Herbalife co-founder Mark Hughes for $31 million in 2002. .
The deal was done quietly, as the house never officially hit the market. The buyer is not clear; Records show it was purchased by a Delaware-based limited liability company.
In terms of size and scale, the property is almost unrivaled, even in a market as affluent as Malibu. It spans 9.5 acres and includes a rare 300 feet of ocean frontage near El Pescador State Beach.
Built by Ferguson & Shamamian Architects, the Palladian-style main house spans more than 15,000 square feet with eight bedrooms and 14 bathrooms.
Michael S. Smith, the designer who remodeled the White House Oval Office, was responsible for the interiors, which showcase ornate columns, beamed ceilings, and steel and glass windows in formal living spaces.
The front of the property has a large patio with garden. The rear has a flat lawn with a pool overlooking the ocean. Other structures include a gymnasium and a pair of guest houses.
Calls to Jannard's agent, Kurt Rappaport of Westside Estate Agency, were not returned.
The eyewear mogul has had a busy month. In addition to the record-breaking sale, he also put another house on the market: a kind of stone monolith in Beverly Hills that looks more like a supervillain's lair than a house.
The $68 million property features a Stonehenge-inspired motor court and curved concrete hallways leading to Brutalist-style spaces. It has five bedrooms and 10 bathrooms in 18,000 square feet.
Priced at $68 million, James Jannard's Beverly Hills home looks more like a supervillain's lair than a house.
(Marc Ángeles / Anthony Barceló)
Rappaport owns the Beverly Hills listing along with Josh and Matt Altman of Douglas Elliman.
Malibu now has the three highest home sales in California history. In addition to Jannard and Jay-Z, venture capitalist Marc Andreessen joined the list after paying $177 million for a sprawling property in Malibu's Paradise Cove in 2021.
Malibu has been leading the way in the revival of Southern California's luxury market, which suffered a lull in recent years after a red-hot stretch during the pandemic. Earlier this month, Laurene Powell Jobs, widow of Apple visionary Steve Jobs, paid $94 million for an oceanfront property in Paradise Cove.
A native of Los Angeles, Jannard graduated from Alhambra High School and attended USC before dropping out. He founded Oakley, Inc., in 1975 and built the company into an eyewear and apparel giant before selling it for $2.1 billion in 2007.
Forbes puts his net worth at $1.3 billion.
