Jim Jannard, the innovator behind Oakley, has set a new benchmark with his recent sale of a Malibu estate for an astonishing $210 million, establishing a record for the highest residential transaction in California’s history.
Situated in the prestigious Malibu Colony, the property spans over 4.1 acres of coveted beachfront land. The primary residence alone is a sprawling 12,000 square foot structure featuring seven bedrooms and nine bathrooms. Additional amenities include a guest house, a tennis court, a swimming and a private path leading directly to the beach.
Jannard, who launched Oakley in 1975 and divested it to Luxottica in 2007 for $2.1 billion, originally acquired this luxurious estate in 2003 for $19.5 million. Following his purchase, he undertook a considerable renovation, elevating the property into a magnificent coastal retreat.
The identity of the new owner remains undisclosed; however, it is rumored that the estate was bought by a billionaire based on the East Coast.
This sale surpasses the previous California residential record, which was set by the $177 million purchase of Marc and Jennifer Andreessen’s Beverly Hills mansion in 2021.
This transaction is a testament to the strength of the high-end real estate market in California, where luxury properties are frequently selling for unprecedented amounts.
