Latest news with #OrangeCounty-based
Yahoo
5 days ago
- Business
- Yahoo
Oakley's billionaire founder is the latest victim of the sluggish luxury housing market—but the profit he could still make shows an underlying problem
James Jannard, the billionaire founder of Oakley, has re-listed his Beverly Hills megamansion for $65 million, down from the original $68 million price listing from June 2024. Despite the price drop, Jannard stands to make a significant profit since he purchased the property for $19.9 million in 2009. This trend of wealthy sellers, including Jannard, dropping prices highlights a broader market correction where luxury buyers prioritize value and long-term security over vanity pricing. Shop Top Mortgage Rates Your Path to Homeownership A quicker path to financial freedom Personalized rates in minutes Even the wealthiest Americans are contending with today's housing market. Take James Jannard, the billionaire founder of luxury eyewear and apparel brand Oakley, as an example. Jannard, who's worth an estimated $1.3 billion according to Forbes, just re-listed his Beverly Hills megamansion for an eye-popping $65 million. Still, that's a drop from the $68 million he originally listed it for in June 2024. He's fallen victim to a challenging trend in the luxury housing market where many of the country's most lavish and expensive homes are being priced too high when they hit the market. And now, Jannard stands to lose out on the proceeds he was expecting when he first listed the house. For what it's worth, Jannard paid $19.9 million for the property in December 2009, so even if he manages to find a buyer at the $65 million asking price, he'll make a pretty penny for the sprawling five-bed, nine-bath concrete megamansion that stretches more than 18,000 square feet and nearly two acres in one of the most sought-after neighborhoods in Los Angeles. Orange County-based luxury real-estate firm The Altman Brothers represented the listing last year. The current listing agent on the property is Aaron Kirman with Christie's International Real Estate, who has several listings of more than $100 million in the Los Angeles area. Kirman and Jannard didn't immediately respond to Fortune's requests for comment about the property. Other ultra-rich home sellers have recently been forced to drop their listing prices. In May, Jennifer Lopez and Ben Affleck dropped the price of their $60 million Beverly Hills mansion by $8 million, and last year, billionaire media mogul Rupert Murdoch slashed the price of his Manhattan penthouse by nearly 40% to $38.5 million. The housing market factors affecting sellers While we're not fully out of a seller's market, the tides have begun turning in favor of buyers as listings stay on the market longer and price cuts become more common, according to For that reason, price drops aren't surprising, especially in the saturated Los Angeles luxury market where buyers have more leverage, Anthony Luna, CEO of LA-based real-estate advisory Coastline Equity, told Fortune. 'Square footage and celebrity status don't justify inflated pricing anymore,' he said. 'Buyers want smart design, upgraded systems, and long-term value.' The mansion tax in LA, which applies an additional 4% tax to property sales of at least $5 million and a 5.5% tax for properties north of $10 million, further complicates real-estate sales and pricing. The cost of the tax, which is typically paid by the seller, is separate from a home's sale price and can be a 'massive amount of money,' Selling Sunset star and Oppenheim Group agent Emma Hernan previously told Fortune. She also described it as a 'nightmare' for sellers and agents alike. Hernan said she warns her clients about the mansion tax before they prepare to sell. Take a $5 million home, for example. The seller would have to pay an extra $200,000 they 'didn't really factor in when they bought the home because the mansion tax wasn't in play,' Hernan said. The trend of luxury-home price drops like that of Jannard, Murdoch, and Lopez say something bigger about the housing market: a larger correction, Luna said. 'The luxury market is no longer about vanity. It's about value and security,' he said. 'Buyers are doing the math, and they're calling the bluff.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Vogue
24-07-2025
- Vogue
Artificial Intelligence Is Changing the Way We Navigate Romantic Relationships
After a painful breakup, 28-year-old Mikaela Wild, a social media content strategist in Los Angeles, sat on her couch, phone in hand. Wary of bombarding a friend and without a therapist to consult, she opened ChatGPT and plugged in a summary of her three-year relationship, concluding with the question, 'Why didn't things work out?' What followed were several exchanges in which she processed her relationship not with a human, but with artificial intelligence. Wild isn't alone. Whether they're crafting emotionally intelligent texts, roleplaying tough conversations, or providing advice in moments of uncertainty, chatbots like ChatGPT, Replika, and Gemini are playing an increasingly prominent role in the way people navigate their romantic lives. And so, a question emerges: What happens to love, intimacy, and emotional growth when our most vulnerable moments are processed with machines? Orange County-based dating and relationship coach Kimberly Rae says she's seeing a noticeable shift in how clients seek guidance. 'I have conversations with clients every day about AI, and how they're using it for their dating profiles or to draft a 'Hey, this isn't working' text.' While Rae believes that AI can be a useful tool, she warns that it can also stymie true intimacy. 'At a certain point it can become a crutch, because it takes away your real voice and your authenticity,' she says. 'Relationships are built on raw, in-the-moment exchanges, not perfectly curated dialogue. And the more we polish our words, we're just gonna risk more emotional distance.' A 2024 survey by Wingmate—the AI-powered dating assistant—found that 41% of young adults have used AI to initiate a breakup, with women being slightly more likely than men to utilize the tool. Additionally, 57% of young adults said they'd trust AI over a friend for relationship and dating advice. Whether it's for scripting texts, decoding mixed signals, or simulating closure, AI is fast becoming the preferred confidant of a whole generation of daters. When 33-year-old Nicole Matteson, an inside sales representative in Bend, Oregon, went through a breakup in June, she deliberately avoided going to close friends for advice, thinking their feedback would be biased. Instead, she went to ChatGPT, which she says helped her to reframe the situation and recognize behavioral patterns, attachment styles, and dynamics she had not previously considered. 'If my ex and I were having a random argument or if I felt I misunderstood something, I would take that information, put it into ChatGPT, and be like, 'Help me break this down.'' In response, she says that ChatGPT gave her a logical, nuanced perspective on a situation that had confused her. 'I feel like it's helped me understand myself a lot more, which in turn has helped me to communicate more effectively,' says Matteson.
Associated Press
30-06-2025
- Business
- Associated Press
Young Entrepreneur Brings Kitchen Guard Franchise to Orange County, California
28-Year-Old Elijah Arcos Secures Five-Territory Deal, Expands Life-Saving Kitchen Safety Services Across Southern California 'I learned early that if I wanted a better future, I had to work hard for it while expecting nothing in return.'— Elijah Arcos, Kitchen Guard of Orange County ORANGE COUNTY, CA, UNITED STATES, June 30, 2025 / / -- At just 28 years old, Elijah Arcos is stepping into the spotlight as the newest Kitchen Guard franchise owner, bringing vital commercial kitchen fire prevention services to Orange County, Long Beach, and Cerritos. A native of Porterville, California, Arcos recently purchased rights to five Kitchen Guard territories, positioning himself at the forefront of one of Southern California's most critical B2B service markets. Kitchen Guard specializes in NFPA 96 -compliant kitchen exhaust and hood cleaning services, helping restaurants and commercial kitchens reduce the risk of grease fires and remain compliant with health and safety regulations. Arcos' franchise will serve one of the busiest dining regions in the state—where the demand for fire safety and maintenance is both urgent and growing. 'This business isn't just about cleaning,' said Arcos. 'It's about protecting kitchens, staff, and customers. I take that responsibility seriously because I've seen what can happen when systems aren't properly maintained.' Arcos' entrepreneurial journey began early. The third of seven children, he started working while still in school, saving for college and supporting his family. He graduated with a business management degree from John Paul the Great Catholic University in San Diego by the age of 20. Before launching his Kitchen Guard franchise, Arcos held leadership roles in various industries. He managed a Chevron gas station, worked in retail and banking, and helped scale an Orange County-based waterproofing company, West Coast Hot Mop Inc., from seven to 30 employees and from $1.3 million to $4 million in revenue in under three years. He also co-owns two Everbowl smoothie and acai franchises—one of which ranks in the top five nationwide. 'Kitchen Guard reminded me of my experience running the hot mop company,' Arcos said. 'It's technical, it's essential, and most importantly, it's a service that helps people stay safe.' Arcos' new venture is already gaining traction. He recently secured a multi-location contract with Xperience Restaurant Group, which owns a well-known chain of Mexican restaurants across Southern California. The agreement spans all five of his Kitchen Guard territories and marks a major milestone in the franchise's regional rollout. Arcos credits his achievements to his faith, family, and unwavering work ethic. Married since 2017 and a father of four, he draws strength from his Christian values and the support of his wife and children. 'Everything I've accomplished is through God's grace. I don't take that for granted,' Arcos said. 'Prayer grounds me. Authenticity moves me. And I always aim to lead with humility.' As Kitchen Guard continues its national expansion, Arcos joins a growing network of franchise owners committed to public safety, fire prevention, and community service. His story reflects the resilience and ambition of a new generation of business owners redefining what it means to build a legacy from the ground up. For more information about Kitchen Guard of Orange County, contact Elijah Arcos at 949-445-1300 or email [email protected]. About Kitchen Guard Kitchen Guard is a premier provider of commercial hood and kitchen exhaust cleaning services in more than 79 territories across the United States. Its mission is to ensure the highest standards of cleanliness and safety in kitchens across a variety of industries, including restaurants, hotels, educational institutions, and more. We offer a comprehensive suite of services, from hood cleaning and filter exchanges to green steam cleaning and repairs, all adhering to NFPA 96 standards. Its team of certified technicians is dedicated to delivering exceptional service around the clock, with 24/7 emergency support available. Trust Kitchen Guard to maintain your kitchen's safety and cleanliness with our full-service approach and commitment to excellence. For more information, visit B. Quick Chadwick EverSmith Brands +1 678-637-5552 email us here Visit us on social media: LinkedIn Instagram Facebook YouTube Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
San Francisco Chronicle
25-06-2025
- Business
- San Francisco Chronicle
USA Surfing gets new financial backing in a bid to be recertified for its hometown Olympics
LOS ANGELES (AP) — USA Surfing says it has secured a multimillion-dollar endowment as part of its push to be recertified as the nascent Olympic sport's national governing body after losing its status four years ago over financial issues. USA Surfing executive director Becky Fleischauer told The Associated Press on Wednesday that the investment is a major step toward the organization's goal to return to the Olympic movement. 'We have a new board, new leadership, and we've been delivering more value to our surfers than has ever been provided in the past,' Fleischauer said. 'There's a lot of energy. This investment is a declaration of confidence in the future of surfing from those who know it best.' USA Surfing has struck multiyear deals for financial backing from Kamaka Responsible Development, which builds housing communities, and with Orange County-based surf company Resin Services. Kamaka also plans to develop a wave pool that can be used for year-round training for USA Surfing athletes. Fleischauer spoke from the USA Surfing Championship at Lower Trestles, the iconic surf break near San Clemente, California, that will also host the Los Angeles Olympics surfing competition in 2028. USA Surfing, which is based in San Clemente, has crowned its under-18 national champions at Trestles for decades. 'Trestles is our backyard,' Fleischauer said. 'It's where our surfers train. It's where our coaches coach. It's really a global hub for surfing, and we reside right here, so that puts us in a really strong position to know our surfers, know our break, and to be able to lift up the entire community by having the Olympics here.' Surfing made its Olympic debut at the Tokyo Games in 2021, but USA Surfing had already run into trouble with the U.S. Olympic and Paralympic Committee by then over numerous concerns about the organization's financial management. USA Surfing voluntarily decertified as the sport's national governing body in December 2021, although it remained the American representative to the International Surfing Association. USA Surfing is reapplying to be the NGB again, but the U.S. Ski & Snowboard Federation has also applied to manage the Olympic surf team. The well-funded winter sports organization is run by Sophie Goldschmidt, the former chief executive of the World Surf League. One governing body managing multiple sports is an accepted practice in some countries, but hasn't been the norm in the U.S. Olympic movement since the Amateur Sports Act in 1978. The USOPC is evaluating both groups' filings and is expected to resolve the situation within the next few months. While Ski & Snowboard has ample Olympics experience, USA Surfing has the backing of the ISA and even the World Surf League itself, according to its filing with the USOPC. U.S. Olympic gold medalists Caroline Marks and Carissa Moore were among several top surfers who submitted letters of support for USA Surfing. USA Surfing has kept operating without funding from the USOPC since its decertification, still staging competitions and aiding American surfers in their preparation for international events. The body has since made large changes to its leadership, appointing Fleischauer and adding several new members to its board of directors in January 2024.
Hamilton Spectator
25-06-2025
- Business
- Hamilton Spectator
USA Surfing gets new financial backing in a bid to be recertified for its hometown Olympics
LOS ANGELES (AP) — USA Surfing says it has secured a multimillion-dollar endowment as part of its push to be recertified as the nascent Olympic sport's national governing body after losing its status four years ago over financial issues. USA Surfing executive director Becky Fleischauer told The Associated Press on Wednesday that the investment is a major step toward the organization's goal to return to the Olympic movement. 'We have a new board, new leadership, and we've been delivering more value to our surfers than has ever been provided in the past,' Fleischauer said. 'There's a lot of energy. This investment is a declaration of confidence in the future of surfing from those who know it best.' USA Surfing has struck multiyear deals for financial backing from Kamaka Responsible Development, which builds housing communities, and with Orange County-based surf company Resin Services. Kamaka also plans to develop a wave pool that can be used for year-round training for USA Surfing athletes. Fleischauer spoke from the USA Surfing Championship at Lower Trestles, the iconic surf break near San Clemente, California, that will also host the Los Angeles Olympics surfing competition in 2028. USA Surfing, which is based in San Clemente, has crowned its under-18 national champions at Trestles for decades. 'Trestles is our backyard,' Fleischauer said. 'It's where our surfers train. It's where our coaches coach. It's really a global hub for surfing, and we reside right here, so that puts us in a really strong position to know our surfers, know our break, and to be able to lift up the entire community by having the Olympics here.' Surfing made its Olympic debut at the Tokyo Games in 2021, but USA Surfing had already run into trouble with the U.S. Olympic and Paralympic Committee by then over numerous concerns about the organization's financial management. USA Surfing voluntarily decertified as the sport's national governing body in December 2021, although it remained the American representative to the International Surfing Association. USA Surfing is reapplying to be the NGB again, but the U.S. Ski & Snowboard Federation has also applied to manage the Olympic surf team. The well-funded winter sports organization is run by Sophie Goldschmidt, the former chief executive of the World Surf League. One governing body managing multiple sports is an accepted practice in some countries, but hasn't been the norm in the U.S. Olympic movement since the Amateur Sports Act in 1978. The USOPC is evaluating both groups' filings and is expected to resolve the situation within the next few months. While Ski & Snowboard has ample Olympics experience, USA Surfing has the backing of the ISA and even the World Surf League itself, according to its filing with the USOPC. U.S. Olympic gold medalists Caroline Marks and Carissa Moore were among several top surfers who submitted letters of support for USA Surfing. USA Surfing has kept operating without funding from the USOPC since its decertification, still staging competitions and aiding American surfers in their preparation for international events. The body has since made large changes to its leadership, appointing Fleischauer and adding several new members to its board of directors in January 2024. __ AP Olympics:
