What is the most expensive house in California?
Oakley founder James Jannard has sold his mansion in El Pescador State Beach in the surf area of Malibu for a whopping $210 million, setting a state record.
In a record transaction for the California real estate market, James Jannard, visionary founder of Oakley, has sold his imposing mansion in El Pescador State Beach for the impressive sum of $210 million. This sale not only sets a new price standard in the state of California, but also highlights the growing appeal of luxury properties in the Malibu coastal and surf area.
The property of more than 9.5 acres, known as “The Jannard House”, is a massive complex that includes the main house, two guest houses and a swimming pool with panoramic views of the Pacific Ocean. The main house, designed by renowned architects Ferguson & Shamamian, spans almost 15,000 square feet, and has eight bedrooms and fourteen bathrooms.
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Who is James Jannard, seller of the most expensive house in California?
Jim Jannard, a Los Angeles native who dropped out of the University of Southern California (USC) to found Oakley in 1975, built the brand into a giant in the eyewear and sportswear industry. After selling the company in 2007 for $2.1 billion, Jannard focused on his company RED, which revolutionized filmmaking with affordable HD cameras for independent filmmakers. In his latest entrepreneurial feat, he sold RED to Nikon this year for $85 million.
The sale of his Malibu mansion, which surpassed in price Jay-Z and Beyoncé's recent purchase of a property for $200 million, was carried out discreetly without the property officially appearing on the market. The purchase was made through a Delaware-based limited liability company, and details of the new owner have not yet been disclosed.
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How much did James Jannard pay for his record-setting mansion?
Jannard acquired the property in 2012 for $75 million and has almost tripled its price, although at the time he bought it, it was already a notable increase over the $31 million price paid by investor Howard Marks in 2002, who in turn bought it from Herbalife co-founder Mark Hughes.
This record-breaking sale is not the only real estate operation set in motion by Jannard. He recently put his mansion in Beverly Hills on the market for $68 million, an equally impressive complex that has been described as a “supervillain lair” boasting a giant patio, five bedrooms and 10 bathrooms.