In an unprecedented real estate transaction, James Jannard, the founder of Oakley, has sold his Malibu mansion for a staggering $210 million, marking the highest home sale in California's history. This monumental deal eclipses the previous record set by Jay-Z and Beyoncé, who bought a concrete compound in Malibu for $200 million just last year.
This historic sale, reported exclusively by The Times based on real estate records, has set a new benchmark in the Golden State’s luxury real estate market. Jannard's impressive profit margin is a testament to the escalating value of prime California real estate. He originally purchased the oceanfront estate for $75 million in 2012 from billionaire investor Howard Marks. Marks had acquired it from Herbalife co-founder Mark Hughes for $31 million in 2002.
The sale of this mansion was conducted quietly, with the property never officially hitting the market. The buyer remains anonymous, identified only through a Delaware-based limited liability company.
Spanning 9.5 acres, the estate stands out even in the affluent Malibu market. It features an extraordinary 300 feet of ocean frontage near El Pescador State Beach, a rarity in itself.
The main house, designed by Ferguson & Shamamian Architects, is a Palladio-style masterpiece. It encompasses over 15,000 square feet, housing eight bedrooms and 14 bathrooms. The interiors, crafted by Michael S. Smith — renowned for remodeling the Oval Office in the White House — are a blend of grandeur and elegance, featuring ornate columns, beamed ceilings, and expansive steel-and-glass windows that frame the formal living spaces.
The mansion’s exterior is just as impressive as its interiors. The front of the property boasts a vast courtyard with a meticulously maintained garden, while the back presents a flat lawn leading to a pool with stunning ocean views. Additional structures on the estate include a state-of-the-art gym and two guesthouses, ensuring ample space for both leisure and hospitality.
Calls to Kurt Rappaport of Westside Estate Agency, who handled the listing, went unanswered, leaving the public with many questions about the record-setting transaction.
The eyewear mogul, Jannard, has had an eventful month beyond the record-breaking sale. He also listed another unique property in Beverly Hills, characterized by its Stonehenge-inspired motor court and Brutalist architectural elements. This 18,000-square-foot residence, listed at $68 million, includes five bedrooms and ten bathrooms, and is described as resembling a supervillain’s lair more than a traditional home.
Malibu has solidified its status as a playground for celebrities and billionaires, now home to the three most expensive properties in California. Alongside Jannard's historic sale and the Carters' substantial purchase, venture capitalist Marc Andreessen bought a Malibu estate for $177 million in 2021, further highlighting the area’s allure and escalating property values.
The sale of Jannard’s mansion is indicative of a broader trend in the luxury real estate market, where prime properties in desirable locations are commanding unprecedented prices. This trend is driven by a combination of factors, including limited availability of oceanfront properties, the desirability of Malibu as a location, and the increasing wealth of potential buyers.
This historic sale raises questions about the future trajectory of California's luxury real estate market. As property values continue to soar, the state may see even higher sales in the coming years, setting new records and further cementing its reputation as a premier destination for high-net-worth individuals.
James Jannard’s sale of his Malibu mansion for $210 million marks a significant milestone in California's real estate history. This record-breaking transaction not only underscores the value of prime oceanfront properties but also highlights Malibu's status as a hub for luxury real estate. As the market continues to evolve, it will be fascinating to see how these trends shape the future landscape of California’s high-end property market.
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