Tag: kurt rappaport

In a historic deal, Oakley founder James Jannard has sold his Malibu mansion for $210 million. It’s the priciest home sale in California history.

The blockbuster sale, which The Times is reporting exclusively and based on real estate records, ups the ante on what a house can fetch in the Golden State. At $210 million, it takes the crown from Jay-Z and Beyoncé, who paid $200 million for a concrete compound in Malibu last year.

It’s a massive profit for Jannard, who paid $75 million for the oceanfront estate 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 unclear; records show it was purchased by a Delaware-based limited liability company.

In terms of size and scale, the estate is nearly 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 Palladio-style main house spans more than 15,000 square feet with eight bedrooms and 14 bathrooms.

Michael S. Smith, the designer who remodeled the Oval Office in the White House, handled the interiors, which showcase ornate columns, beamed ceilings and steel-and-glass windows across formal living spaces.

The front of the property features a vast courtyard with a garden. The back holds a flat lawn with a pool overlooking the ocean. Other structures include a gym and a pair of guesthouses.

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-setting sale, he also put another home on the market: a stone monolith of sorts in Beverly Hills that resembles a supervillain’s lair more than a house.

Listed at $68 million, the property features a Stonehenge-inspired motor court and curved concrete hallways that lead to Brutalist-style spaces. It holds five bedrooms and 10 bathrooms across 18,000 square feet.

Rappaport holds the Beverly Hills listing along with Josh and Matt Altman of Douglas Elliman.

Malibu now holds 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 estate in Malibu’s Paradise Cove in 2021.

Malibu has been leading the way in the reawakening of Southern California’s luxury market, which hit 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 estate in Paradise Cove.

An L.A. native, Jannard graduated from Alhambra High School and attended USC before dropping out. He founded Oakley, Inc., in 1975 and grew 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.