Lurene Powell Jobs, the billionaire investor and widow of the Apple founder Steve Jobs, recently dropped $94 million on a prime oceanfront property in Malibu, California, the Los Angeles Times reported
The Paradise Cove plot is the latest addition to Powell Jobs’ growing portfolio of properties in one of the country’s most affluent neighborhoods. Since 2015, Powell Jobs has spent more than $170 million on neighboring Malibu properties in an apparent effort to build a sprawling compound on some of Southern California’s most expensive cliffs.
Powell Jobs’ real-estate ventures are part of a trend in which the ultrawealthy buy up neighboring properties to build secluded enclaves.
The recent $94 million purchase is the largest home sale in Southern California so far in 2024, the Times reported. Paradise Cove has become a haven for billionaires like the WhatsApp cofounder Jan Koum and the venture capitalist Marc Andreessen. Last year, Beyonc and Jay-Z spent $200 million on a Paradise Cove mansion, setting a California real-estate record.
The newspaper said Powell Jobs’ new property covers four acres and includes a 1950s L-shaped home measuring 3,399 square feet and featuring four bedrooms and four bathrooms.
The billionaire investor bought her first Paradise Cove property in 2015, spending $44 million on a 13,000-square-foot home she eventually demolished. In 2017, Powell Jobs purchased a $16.5 million home next door, and in 2021, she bought a five-bedroom cottage for $17.5 million, the Times reported.
The Real Deal reported in 2018 that a mansion Powell Jobs was building in Paradise Cove was damaged by the Woolsey wildfire that burned through Los Angeles County.
When Jobs died in 2011, Powell Jobs inherited a fortune, including a massive ownership stake in Disney, shares of Apple, and a 260-foot superyacht.
Forbes estimates her net worth at $14.7 billion. She’s the founder and president of the Emerson Collective, an investing firm focused on education, health, climate, and immigration.
Credit: Africa Businessinsider
