What is Lori Loughlin and Mossimo Giannulli's net worth? Here's why they downsized from $28M mansion to $9.5M home
Last year, Lori Loughlin and Mossimo Giannulli were in the news because of their involvement in the college admissions scandal that broke out
Last year, Lori Loughlin and Mossimo Giannulli were in the news because of their involvement in the college admissions scandal that broke out. At least 50 other individuals, including actress Felicity Huffman, were busted at the hands of the FBI for bribing their way through the entrance exams.
Loughlin and Giannulli, pleaded guilty to paying $500,000 to get their daughters -- Olivia Jade and Isabella -- recruited to the University of Southern California. The latest news is that the couple has purchased a house, nearly 12,000 sq ft, worth $9.5 million in Hidden Hills, California, according to People magazine. According to Variety, the house is done up in a two-tone blend of white paint and varnished wood siding. It features a colossal foyer with soaring ceilings and clerestory windows. There is a marble fireplace and a unique ceiling with parallel rows of skylights, while the dining room lies directly across from a temperature-controlled wine closet and can easily seat a dozen guests. The kitchen is extravagant with custom white cabinetry, marble countertops, and a bevy of high-end appliances. There’s also a grassy lawn and swimming pool surrounded by a wide patio. Other spaces include a home gym, a movie theater and an office space. Variety reports that Tomer and Isidora Fridman of Compass held the listing; Arvin Haddad of The Agency repped Loughlin and Giannulli.
Even though it sounds grand, as Variety reports, it is a downgrade from their previous residence, a glamorous space in Bel Air. The report suggests that property was sold off last month for $18.75 million to Tinder co-founder Justin Mateen — a nearly 50% less than the original $35 million list. It was listed in 2017, although they took it off the market the following year. It was again re-listed for $28.65 million in January this year in the midst of the college admissions scandal and the couple went on to use the property as collateral for their $2 million bail for the fraud charges, according to People. A source informed the magazine that they were in no rush to make a sale and would take their time to find the right buyer. “They don’t need the money,” the source said at the time. “They are stressed about a lot of things, but money isn’t one of them.” Another insider previously had told the magazine, “Mossimo has been buying, refurbishing and renovating and selling houses for over 20 years.” People magazine also reported the couple owns a beach home in Orange County, and they are believed to be staying there.
How much is the couple's net worth?
According to 2019 Forbes report, the couple has a combined estimated net worth of $88 million, $80 million of which comes from Giannulli, whose clothing company, Mossimo, was licensed to Target in 2000. According to Celebrity Net Worth, after his first year in business, Giannulli profited $1m. After year two, he profited $4m and by 1992 he had $32 million per year in revenue. His company went public in 1996. By this point, he had 300 employees and was doing $70 million per year in revenue. After the IPO, Giannulli's net worth (pretax, on paper) was $275 million thanks to his 73% ownership stake. At its peak as a public company, the businessman traded at $50 a share. At that level, his stake was estimated to be worth $500 million, according to the website. But unfortunately, in 1998, the company shares dropped, bringing his stake down to $50 million. The website states that in 2000, he struck a deal with Target that paid him $8.5 million per year in royalties for three years. In 2006, Iconix Brand Group agreed to buy Mossimo Inc. in a deal valued at about $119 million, Market Watch reported.