Jay-Z And Beyoncé No Longer Own The Most Expensive Home In California — Oakley Founder Shattered Records … – Benzinga

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Sunglasses mogul James Jannard, the visionary behind Oakley, has made a splash in the luxury real estate world, selling his Malibu mansion for an eye-watering $210 million. 

This off-market transaction not only surpasses the previous California record held by power couple Jay-Z and Beyoncé, who purchased their Malibu estate for $200 million last year, but it also marks a staggering return on investment for Jannard, who acquired the property for $75 million back in 2012 when the market was considerably more “reasonable.”

This palatial 9.5-acre estate is the epitome of Southern California luxury. Boasting eight bedrooms, 14 bathrooms, a private tennis court, a state-of-the-art gym, two charming guesthouses, and a sparkling pool, it’s clear that this property was designed for both lavish entertaining and serene relaxation. 

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The mansion is also steeped in history, having undergone a unique “downsizing” renovation by previous owners who found the original main house a touch too extravagant. Renowned designer Michael S. Smith, known for his work on the White House Oval Office, masterfully redesigned the interiors, elevating the property’s elegance and allure.

Nestled near El Pescador State Beach, the estate offers panoramic ocean views and the utmost privacy — two highly sought-after features among high-profile buyers. While the identity of the new owner remains shrouded in secrecy, the sale underscores the enduring allure of Malibu’s luxury real estate market, where exclusivity, stunning natural beauty, and privacy command top dollar.

While Jannard’s sale sets a new benchmark for California, it doesn’t quite reach the heights of the most expensive residential sale in U.S. history. That title still belongs to hedge fund titan Ken Griffin, who shelled out a cool $238 million in 2019 for a sprawling penthouse at 220 Central Park South in the heart of Manhattan.

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Nevertheless, the sale of Jannard’s Malibu oasis solidifies California’s reputation as a playground for the ultrawealthy and a hotbed for record-breaking real estate deals. With its idyllic climate, stunning coastline, and glamorous lifestyle, it’s no wonder that Malibu continues to attract discerning buyers willing to pay a premium for their slice of paradise.

The California housing market has seen notable price increases in recent years, with the San Francisco Bay Area and Southern California experiencing significant gains. This trend highlights the challenges and opportunities within the market. High demand and limited supply continue to drive up prices, making it difficult for many prospective buyers to afford homes. However, experts note that the market shows potential for growth as inventory improves and borrowing costs stabilize.

Despite the high entry barriers, the long-term appreciation trends in California remain strong, making real estate an attractive investment for those who can navigate the market’s complexities. With careful planning and strategic investment, buyers can capitalize on the market’s potential, even amid its challenges.

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