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Most Expensive House In California's Malibu Sold For $210 Million

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Most Expensive House In California's Malibu Sold For 0 Million


James Jannard, who founded Oakley in 1975, made a tidy profit on the house. (Representational)

Los Angeles:

It’s a price tag that you’ll probably have to take a second look at: the founder of eyewear maker Oakley just sold his Malibu home for a whopping $210 million.

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The uber-luxury pad — which is a lot of money even by the jaw-dropping standards of Malibu’s expensive real estate — is now the costliest home ever to be sold in California.

The sum tops the mere $200 million that Jay-Z and Beyonce lavished last year on their own Malibu compound.

Eyewear impresario James Jannard, who founded Oakley in 1975, made a tidy profit on the house, having bought it in 2012 for just $75 million, reported the Los Angeles Times, which said it had seen real estate records of the sale.

The identity of the buyer was not clear, the outlet said, with paperwork showing it had been purchased by a Delaware-based limited liability company.

The 15,000-square-foot (1,400-square-metres) sprawls on 9.5 acres (4 hectares) of desirable clifftop, with its own 300-foot stretch of ocean.

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It has eight bedrooms, an unnecessary-sounding 14 bathrooms, a huge courtyard, a gym and two guesthouses.

Malibu, a sought-after beach enclave 45 minutes outside Los Angeles, is a favorite haunt of celebrities and the mega-wealthy.

With the Jannard sale and the Jay-Z/Beyonce purchase, the city now holds the record for the three most expensive homes in California, after venture capitalist Marc Andreessen reportedly paid $177 million for an estate there in 2021.

California is both the richest and most populous state in the United States, with a huge disparity between the haves and the have-nots.

The state suffers from an acute housing shortage that has pushed prices way above the national average.

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In the six counties of the sunny south, the average house now changes hands for almost $900,000 — more than eight times the mean annual income.

 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)



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California Social Security gets new requirements for some beneficiaries

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California Social Security gets new requirements for some beneficiaries


California Governor Gavin Newsom has signed a new bill that would protect Social Security benefits for tens of thousands of residents in the state.

By signing AB 2906 into law on Thursday, Newsom will now ensure that Social Security survivor benefits go to the foster youth they are intended for.

Under the new bill, it would now be required for foster youth and their legal guardians be notified if anyone is applying as a payee of Social Security survivor benefits. For years, these benefits were intercepted by the state despite being intended for foster children when they turn 18. The bill passed unanimously in the state legislature before it went to Newsom’s desk last month.

Newsweek has reached out to the Social Security Administration and Newsom via email for comment.

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While Newsom vetoed a similar legislation last year that included both foster youth survivor and disability benefits, the pressure from the public may have pushed him to approve the bill this time around.

Around 70 California judges signed a letter asking the governor to sign the bill earlier this month, and both the Los Angeles and San Diego Boards of Supervisors approved of the law.

“For some of California’s foster children, having access to these previously pilfered assets may be the difference between aging out of care into homelessness or with a roof over their heads,” Amy Harfeld, national policy director at the Children’s Advocacy Institute at the University of San Diego School of Law (CAI), said in a statement. “We are grateful for Governor Newsom placing California among the growing number of states that are acting to end this shameful practice while helping address California’s homeless challenge to boot.”

Somewhere between 40,000 and 80,000 children in California are eligible for Social Security benefits, but they often face poverty or outright homelessness after reaching 18 years of age. Between the ages of 19 and 21, 29 percent of former foster youth experienced homelessness, according to the Children’s Advocacy Institute.

California Governor Gavin Newsom is seen on August 19 in Chicago. Newsom recently passed a new bill that protects Social Security benefits for foster youth.

Andrew Harnik/Getty Images

The payments they were owed could have prevented this, but for years, California counties would divert the Social Security benefits into their own funds.

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While federal law requires county foster care agencies to put the best interests of foster children first regarding the Social Security money, counties have been sidestepping these requirements without consulting the children set to receive the benefits.

Previously in California, counties could apply for foster kids’ benefits without telling the child or their representative, and a judge was not required to oversee the child’s care.

Foster children qualify for Social Security if they either have a disability or had a parent pay a certain amount of money into the Social Security system before retiring, becoming disabled or dying. But due to prior rules, many never saw the money they were owed.

“These funds amount to a rounding error for counties,” said Robert Fellmeth, founder and executive director of the Children’s Advocacy Institute, in a statement. “For eligible foster youth, having access to their money could mean an entirely different life, one in which they have a real shot at stable housing, food security, transportation, and education.”

California is one of many states that are looking to create more substantial protections for these foster kids’ Social Security payments.

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As of this summer, 30 states and jurisdictions have taken action to protect foster youth benefits. Arizona, Washington, D.C., Oregon and Massachusetts have abolished holding payments from foster system beneficiaries entirely.

“The push Governor Newsom and other lawmakers are in California are making to cover this often-neglected group mimics what we’ve seen in some other states,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.

He added: “Those who find themselves as beneficiaries of Social Security under foster care survivor status aren’t often mentioned when we speak about protecting Social Security benefits in general, but they are a subgroup that is overlooked and one that heavily relies on this funding. The passing of this bill would be pivotal in making sure they are financially supported through the system for the years to come in a meaningful way.”



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California law makes companies come clean on buying digital content

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California law makes companies come clean on buying digital content


After Click to Cancel legislation for subscriptions, California has introduced another piece of consumer protection legislation for buying digital content.

It will force companies to tell you when you won’t actually own the content you think you’re buying – something which has occasionally been true for iTunes purchases …

The problem with ‘buying’ digital content

There have been numerous examples of consumers thinking they are buying digital content, which remains theirs for life, only to find it unceremoniously removed – sometimes years later.

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For example, two class action lawsuits were filed against Apple back in 2021 for using the word “buy” for iTunes movies when these can, in rare circumstances, be later removed from your library.

Both lawsuits make the same complaint: that the iTunes store wording says that you can “buy” or “rent” movies, while the reality is that you can only license them – and that license can be later withdrawn.

There have been examples of people losing access to content purchased from iTunes, though these do appear to be edge cases. Similar complaints have been made about the fact that you don’t actually own e-books purchased from Amazon.

Apple continues to use a “Buy” button in the Apple TV app today.

A similar thing happened earlier this year when Ubisoft revoked access to the online-only racing game The Crew after people had bought it.

California law on digital content purchases

California has introduced AB 2426: Consumer protection: false advertising: digital goods. This says that companies aren’t allowed to use the words “buy” or “purchase” unless they clearly state exactly what is meant by this, and tell you if there is a risk that you might someday lose access.

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Existing law makes a person who violates specified false advertising provisions liable for a civil penalty, as specified, and provides that a person who violates those false advertising provisions is guilty of a misdemeanor.

This bill would, subject to specified exceptions, additionally prohibit a seller of a digital good from advertising or offering for sale a digital good, as defined, to a purchaser with the terms buy, purchase, or any other term which a reasonable person would understand to confer an unrestricted ownership interest in the digital good, or alongside an option for a time-limited rental, unless the seller receives at the time of each transaction an affirmative acknowledgment from the purchaser, or the seller provides to the consumer before executing each transaction a clear and conspicuous statement, as specified.

Image: 9to5Mac collage using Fruit Basket on Unsplash

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What's in store for California's new water year? Experts say 'extremes are getting more extreme'

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What's in store for California's new water year? Experts say 'extremes are getting more extreme'


LOS ANGELES (KABC) — Extreme weather and our changing climate means that forecasting has become even more important.

To help you become more climate-ready, ABC News and the ABC Owned Television Stations have teamed up to help you navigate this new reality.

What’s in store for California’s water year?

The state’s water year begins October 12 and ends September 30 of next year.

Typically, fall rain starts in October then the bulk of California’s rain falls from December to February. April is when we see peak snowpack. So what will this year look like? Climate experts are warning to be ready for some extremes.

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“What we’re seeing in the forecast right now is that we’re likely off to another late start to the wet season,” said Dr. Michael Anderson, who serves as the official State Climatologist for California. “Meaning, the dry conditions continuing and certainly still seeing the above-normal temperatures.”

High pressure is also in the mix, meaning rainfall could be delayed this year.

“That can happen as high pressure kind of keeps things, pushing storms to the north and we’re seeing that right now with almost all the [precipitation] activity hitting the very southern end of Alaska and northern British Columbia,” said Anderson.

But when it arrives, forecasters are urging people to be ready seeing as to we could see more extreme rain events during dry seasons.

“The one constant we are seeing is that extremes are getting more extreme,” said Jason Ince with the California Department of Water Resources. “Our droughts are getting longer and hotter, our big storms are getting stronger since warmer air can hold more moisture.”

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Forecasters are also on the lookout for Santa Ana and Diablo wind events this fall and the potential for decaying tropical systems to cause thunderstorms, which are both concerning for fire crews.

“We end up with some pretty good [precipitation] events sometimes with some thunderstorms, but those thunderstorms, if they’re dry can be fire starters which can be a problem,” said Anderson.

Our water demand is the highest from May to August but remember, this September started out dangerously hot in California so were still on the tail end of this season. Well finish this water year end of September. To learn more on the new water year, click here.

Copyright © 2024 KABC Television, LLC. All rights reserved.



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