Squishmallows creator bought Bel-Air mansion for $26m; now asks $37.995m
Jonathan Kelly, the creator of Squishmallows, has listed his Bel-Air mansion for $37.995 million after purchasing it for $26 million in 2023. Kelly never resided in the property, treating it strictly as an investment asset.
Why it matters
The sale reflects high-end real estate market trends and the investment strategies of successful entrepreneurs in the toy industry.
Jonathan Kelly, who made a fortune selling Squishmallows, the plush toys, has now put his Bel-Air mansion on the market for nearly $38 million, according to a report by Realtor.com.During the pandemic, the Squishmallows craze took TikTok by storm, turning the once-niche toys into a viral sensation. The man behind them, Jonathan Kelly, cashed out of the toy business and put part of the proceeds into Los Angeles real estate. Now, he is looking to cash in on it.From plush to Bel-AirKelly Toys, founded in 1986, launched its Squishmallows, an ultra-soft, marshmallow-like collectible, in 2017. The line quickly became a fast-growing part of the business. Following the massive demand, the company was sold in two transactions, one in 2020 and another in 2022. The first, announced in April 2020, gave Jazwares, a subsidiary of Alleghany Capital, a majority stake.Jonathan Kelly purchased the Bel-Air house in 2023.
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