Move over Jay-Z and Beyoncé — there’s a new real estate mogul in town, and it’s the guy who founded Oakley … ’cause he just sold his cliffside estate for a record-breaking number.
James Jannard — the billionaire who’s behind the iconic sunglasses and apparel brand — just unloaded a mansion he’s owned in Malibu for the past 22 years … and he scored a massive profit,’ cause he sold it for a whopping $210 million … this according to the L.A. Times.
The outlet reports Jannard sold the 9.5-acre oceanfront compound to a Delaware LLC — and that it was done quietly … ’cause the property never technically hit the market. BTW … JJ bought this home way back in ’02 for a mere $31 mil. So, yeah …. a $179 million windfall.
TMZ has pulled the publicly available docs for the home … and it shows the new owner took out a $203 million loan for this place — which suggests the $210 selling price is accurate.
The title documents we got a hold of also show that the changing of hands here was all going down in May — with things getting finalized officially toward the end of that month.
Of course, this figure is now the highest a home has been sold for in California history — a title that Jay and Bey held after buying a Malibu property last year for a cool $200 million. That was the record then … and now, Jannard is the new king on the mountaintop.
His Malibu estate is sweeping … with the main house featuring eight bedrooms and 14 bathrooms — and the rest of the property includes two guesthouses, a courtyard with a garden and a pool that overlooks the ocean.
TMZ Studios
Somebody was willing to drop major coin for this pad … congrats to everybody involved!!!