Billionaire brothers from New Zealand spend over $65M on burned Malibu properties with a plan to construct prefab houses.

Billionaire Brothers Buy Burned Malibu Land for Prefab Homes

New Zealand billionaire brothers have acquired 16 acres of beachfront property in Malibu, which was ravaged by a fire last year. They’ve dedicated over $65 million to plans for building prefabricated homes on the site.

Nick and Matt Mowbray, co-founders of the toy company Zuru, intend to produce these homes at factories in China. A report by ABC7 highlighted their ambitions.

The acquisition was first noted by realtor.com. Back in August, it was revealed that the pair had already invested $65 million in the first nine properties. Documentation indicates that the land was bought through Zulu Province’s construction division, known as Zulu Tech US LLC.

Marcel Fontaine, operations director of Zuru Tech US, mentioned, “We were focused on a research project regarding factory-built housing, and we just saw an opening there.”

With the devastating impacts of the Palisades Fire still evident, Fontaine discussed the significant number of contractors needed to rebuild the 300 homes that were lost. “It made us realize we could offer a solution to this issue,” he added.

The proposed homes are designed for on-site assembly, featuring lightweight concrete walls and roofs that are claimed to be fire-resistant. Each unique design can be completed within four to six weeks post-approval.

Initially, the Mowbrays intended to build just one home for personal use, but after purchasing the first lot, they received multiple inquiries about acquiring additional land, according to Fontaine. It is estimated that two homes might be finished by late 2027, with the remaining 14 following by 2029.

Strikingly, despite all the preparations, the city of Malibu has yet to receive any building permit applications or formal development proposals from the brothers, as conveyed by a city spokesperson.

Malibu Information Director Matt Meyerhoff stated that all future proposals will go through the city’s standard review and approval processes, in accordance with local and state laws.

Last January, around 600 homes were destroyed in Malibu, but only 22 building permits have been granted thus far. Meanwhile, a total of 488 permits have been issued for repair work and debris removal stemming from the Palisades Fire.

The Mowbray brothers started their company, Zuru, back in 2003 along with their sister Anna, and have created popular products like Bunch O Balloons and Mini Brands. They are now among the wealthiest people in New Zealand, with assets reportedly around NZ$20 billion.

Growing up in the rural town of Cambridge, Mat Mowbray often gets labeled as the visionary of the duo, while Nick is recognized for his salesmanship and operational skills in transforming ideas into a worldwide supply chain.