Laurene Powell Jobs Spends $94 Million On Malibu Estate

Laurene Powell Jobs has some new oceanfront digs in the Paradise Cove area of Malibu. The widow of the late Steve Jobs just paid $94 million to buy a 4-acre spread, adding significantly to the block of adjacent properties she has spent another nearly $80 million on in the area since 2015.

The sale was completely off-market, so details on the property are relatively scarce. But the main home on the estate is an L-shaped structure dating back to the 1950s, with four beds and four baths spread across almost 3,400 square feet. If Jobs continues the pattern established with the other adjacent properties, she'll likely tear that home down just like she's torn down the others she's purchased over the last several years to make room for the compound she is building.

When Jobs first hit the Malibu real estate market in 2015, she spent $44 million on a two-in-one property, tearing down the 13,000-square-foot mansion that stood on the land. Then, in 2017, she spent another $16.5 million on another house right next door, followed by a five-bedroom cottage priced at $17.5 million two years after that.

That makes her most recent acquisition her priciest yet by far, surpassing the value of all the other properties she has purchased in the area combined. It was also big enough to qualify as the biggest residential real estate purchase in all of Southern California so far this year, and you have to go back more than a year ago to find another that tops it. That would be in May of last year, when Jay-Z and Beyoncé spent $200 million on a Malibu mansion of their own, not too far from the Jobs compound.

Construction on Laurene's property has been a gradual process. It faced a setback in 2018 when construction was damaged by the Woolsey fire. It remains to be seen whether this completes Jobs's residential Malibu empire, or if she's planning to add still more property to the spread.