Oakley Founder Pays $7 Million for O.C. Home

Oakley Inc. founder and Chairman Jim Jannard bought a house in the hills above Newport Beach for roughly $7 million, one of the largest residential real estate transactions in California this year. In addition, Jannard and an unidentified partner bought at least an acre of vacant land in the hills above Newport Beach and Corona del Mar for about $8 million. Jannard, 50, was recently ranked 296th on Forbes magazine’s list of the 400 richest people, with an estimated net worth of $850 million, the bulk of it in shares of Foothill Ranch-based Oakley. Jannard, whose main residence is in Washington’s San Juan Islands, paid roughly $7 million for the 12,000-square-foot home, which was listed earlier this year for $9.4 million, the highest in the area, brokers said. The home was owned by Boris Reznik, chief executive of Optum Software, a privately held Costa Mesa software company that was merged with Metasys Inc. in 1998.