July 18, 2024

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Laurene Powell Jobs buys fourth Malibu property in 10 years

2 min read

Laurene Powell Jobs likes Malibu—a lot.

The widow of Apple cofounder Steve Jobs has paid $94 million for an oceanfront estate in the Paradise Cove area of the California beach town, the Los Angeles Times reports. That’s the fourth property she has purchased in Malibu in the past 10 years.

This latest purchase, though, was the biggest by far. The price tags of the previous three properties add up to roughly $80 million. All four of the properties are adjacent to one another.

Jobs’ new investment covers four acres and includes a 1950s L-shaped home with four bedrooms and four baths, though it will likely be razed. The deal was completed off-market, the Times says.

Her neighbors in the Paradise Cove area include Jay-Z and Beyoncé as well as Marc Andreessen and WhatsApp founder Jan Koum.

Jobs, who manages the Steve Jobs Trust and founded the Emerson Collective, which gives grants to several different causes, is worth $11.2 billion, according to Bloomberg’s Billionaires Index.

She is hardly the first billionaire to buy multiple parcels of land to create their own compound. Meta founder Mark Zuckerberg is reportedly building a $100 million compound (with an underground bunker) in Hawaii, spanning 1,400 acres. And Amazon founder Jeff Bezos owns 10 acres in Beverly Hills.

Malibu builders have seen a lot of business from Jobs. She spent part of $44 million in 2015 to demolish a 13,000-square-foot house on one of her parcels and added a five-bedroom cottage to another Malibu property for $17.5 million in 2021.

Work on a mansion being built in 2018 was reportedly impacted by the Woolsey Fire in the Los Angeles area. The extent of the damages, though, was unclear. 

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Chris Morris

2024-06-17 10:37:37

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