Yahoo Finance What the Most Expensive Home Ever Sold in California Cost — And What It’s Like
California is the perfect place if you like year-round mild weather, stunning natural scenery including redwood forests, vast deserts and balmy beaches and a wealth of diverse cultures. It’s also great if you want to check out homes that only multimillionaires (or even billionaires) can afford. Case in point: A mega-mansion in Southern California’s Malibu area sold in June for $210 million. It’s the most expensive home ever sold in the Golden State.
Read Next: Housing Market 2024: Here’s the Average Home Price in Every State
Find Out: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
Need a little more perspective? This house sold for more than what Jay-Z and Beyonce dished out on their Malibu compound in 2023. They spent $200 million.
What’s this ultra-luxury pad like? Who bought it? Who sold it? For $210 million, this better be something out of our most unattainable dreams. Let’s have a look.
Wealthy people know the best money secrets. Learn how to copy them.
The Seller Made a Jumbo Profit
The seller of this jaw-dropping home is James Jannard, an American businessman, designer and the founder of eyewear brand Oakley. He bought the house in 2012 for $75 million, according to real estate records reviewed by the Los Angeles Times. In 2024, $75 million amounts to about $102 million.
The identity of the buyer who spent $210 million on the home is a mystery. All we know is that they’re tied to a Delaware-based limited liability company.
Before we get into the details of the most expensive home ever sold in California, let’s take an inspiring look at the seller, Jannard. He launched Oakley in 1975 out of his car. Oakley, which went public in 1995, sold in 2007 to Luxottica in 2007 for $2.1 billion. According to Forbes, Jannard, 75, has a net worth of $1.3 billion.
Be Aware: Graham Stephan: Here’s When the Housing Crash Will Happen
The Interior Design Was Done by Someone Who Also Worked on the Oval Office
Michael S. Smith designed the interiors of the Malibu mansion. Smith, a famed award-winning designer and decorator based in Los Angeles, uses a blend of classic European style and American modernism in his approach. You can check out specific examples of his work on his Instagram account.
Smith works frequently with celebrities and the ultra-wealthy, but his most famous client is former President Barack Obama, who appointed Smith to to the Committee for the Preservation of the White House from 2008 to 2016. Smith, who has called himself the “decorator in chief,” is the visionary behind the 2010 makeover of the Oval Office.
“My inspiration is my clients and their vision,” the California-based designer told AD in 2010.
Clearly it’s a winning strategy, because among his loyal clients are Hollywood heavy-hitters, business titans, media personalities, and, perhaps most notably, the Obamas.
Private Ocean Access, a Gym and More — But Not Many Bedrooms
The mega mansion boasts ornate columns, beamed ceilings and floor-to-ceiling steel and glass windows, according to the New York Post. It also has a gym, a pool, a sprawling courtyard, two guesthouses and offers a private 300-foot stretch of ocean access near El Pescador State Beach.
Though the home does have 14 bathrooms which is, well, a lot of bathrooms, it doesn’t have as many bedrooms as you may expect for a house that shattered records with its $210 million selling price. This palatial abode has eight bedrooms — not the most impressive amount.
The Real Estate Market in Malibu
Location plays a major factor in this home’s astounding selling price. Tons of celebrities and wealthy moguls live in this Southern California city, which has a population of around 10,000 people. Though a frequent victim of rampant wildfires, Malibu, with its soaring cliffs and epic coastline, boasts some of the most expensive real estate in the country.
Home prices in Malibu are skyrocketing. In May 2024, Malibu prices were up 45.7% compared to the previous year, with homes selling for a median price of $3.1 million. Though a popular place to call home for those who can afford it, Malibu doesn’t have a particularly competitive market. On average in May 2024, homes in Malibu sell after 176 days on the market compared to 73 days the previous May, according to Redfin.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: What the Most Expensive Home Ever Sold in California Cost — And What It’s Like
