‘California’s priciest home’: Oakley founder James Jannard sells Malibu mansion for $210 million

James Jannard, the founder of Oakley, an eyewear company, recently sold his Malibu property for $210 million, setting a new record for the most expensive home sale in California.
The eyewear entrepreneur’s successful transaction demonstrates the continued demand for high-end real estate in the exclusive Malibu area.
The buyer’s identity remains undisclosed, as the purchase was made through a Delaware-based limited liability company.
Jannard who founded Oakley in 1975, purchased the oceanfront estate in 2012 for $75 million from billionaire investor Howard Marks, who had previously acquired it from Herbalife co-founder Mark Hughes for $31 million in 2002, as per the Los Angeles Times report.
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California being the most populous and richest state in the United States, is characterised with a great disparity between its affluent residents and those struggling to make ends meet as the state grapples with a severe housing shortage, which has driven property prices to levels far exceeding the national average.
In the six counties in southern region, the average home now sells for nearly $900,000, a figure that represents more than eight times the average annual income in the area, reports AP.
With this sale, Malibu now boasts the three highest home sales in California’s history, the sale price surpasses the $200 million mark that Jay-Z and Beyonce lavished last year on their own Malibu compound.
In addition to Jannard and Jay-Z, venture capitalist Marc Andreessen also secured a spot on the list after acquiring a vast estate in Malibu’s Paradise Cove for $177 million in 2021.