Laurene Powell Jobs, billionaire investor and widow of Apple founder Steve Jobs, recently dropped $94 million on a prime oceanfront Malibu property, 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 larger trend in recent years that has seen the ultrawealthy buy up neighboring properties in order to build themselves secluded enclaves.
The recent $94 million purchase is the largest home sale in Southern California in 2024 so far, the LA Times reported. Paradise Cove has become a haven for billionaires like WhatsApp cofounder Jan Koum and venture capitalist Marc Andreessen. Last year, Beyoncé and Jay-Z spent $200 million on a Paradise Cove mansion in a record-breaking real estate purchase.
According to the newspaper, Powell Jobs’ new property includes four acres and 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, a five-bedroom cottage for $17.5 million, The Times reported.
A mansion Powell Jobs is reportedly building in Paradise Cove was damaged by the Woolsey wildfire that burned through Los Angeles County in 2018, The Real Deal reported that year.
When Jobs died in 2011, Powell Jobs inherited a fortune, including a massive ownership stake in Disney, Apple shares, and a 260-foot superyacht.
She is worth an estimated $14.7 billion, according to Forbes, and serves as founder and president of The Emerson Collective, an investing firm focused on reforms to education, health, climate, and immigration.
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