Oakley founder James Jannard has set a new record for the most expensive home sale in California by selling his Malibu mansion for $210 million. This record-breaking transaction surpasses the previous high set by Beyoncé and Jay-Z, who purchased a Malibu estate for $200 million in 2023.
The Estate
Jannard’s estate, known as “The Sanctuary at Loon Point,” is a stunning 9.5-acre property that features a 15,000-square-foot mansion with eight bedrooms, two guest houses, and breathtaking views of the Pacific Ocean. The estate’s luxurious amenities include multiple outdoor and indoor pools, a state-of-the-art gym, a private movie theater, and extensive gardens with outdoor entertainment areas.
Architectural Design
The mansion was designed by the renowned architectural firm Ferguson & Shamamian, who are celebrated for their expertise in classical architecture and luxury residential design. Known for their meticulous attention to detail, the firm combines traditional craftsmanship with modern comforts to create homes that are both timeless and contemporary.
Historical Background
The property has a rich history:
- 1993: The mansion was originally built.
- 1999: Herbalife founder Mark Hughes purchased the estate for $27 million.
- 2000: Following Hughes’ death, the estate was sold as part of his estate settlement.
- 2002: Finance billionaire Howard Marks bought the property for $31 million.
- 2013: James Jannard acquired the estate for $75 million.
James Jannard
James Jannard is the founder of Oakley, a company he started in 1975 with just a $300 investment. Oakley became a leading brand in sports equipment, particularly known for its high-performance eyewear. In 2007, Jannard sold Oakley to Luxottica for $2.1 billion. He is also the founder of RED, a company that revolutionized digital cinematography with its high-resolution cameras.
The Sale
The sale of Jannard’s Malibu estate was handled by Kurt Rappaport of Westside Estate Agency. The buyer remains anonymous, concealed behind a Delaware-based LLC. This transaction highlights the continued demand for ultra-luxury real estate in California, particularly in Malibu, a highly desirable location for the wealthy.
Communities and Neighbors
Malibu is renowned for its exclusive communities and affluent residents. The area is home to numerous celebrities, business magnates, and other high-net-worth individuals. Some notable residents include:
- Leonardo DiCaprio: An actor known for his environmental activism.
- Lady Gaga: A pop star with a penchant for privacy.
- Ellen DeGeneres and Portia de Rossi: Television personalities known for their real estate ventures.
The Sanctuary’s Impact on the Community
“The Sanctuary at Loon Point” is situated in a community that values privacy and luxury. The sale of this property has not only set a new standard for real estate in California but has also highlighted the exclusivity and desirability of Malibu’s coastal properties. The community benefits from the high-profile nature of such sales, attracting further interest and investment in the area.
Conclusion
The real estate market for high-end properties remains vibrant, with Malibu continuing to attract high-net-worth individuals seeking luxurious and exclusive homes. Jannard’s sale not only sets a new record but also underscores the enduring appeal and value of Malibu’s coastal real estate.
