Billionaire Hot Pockets Founder Paul Merage Puts His ‘Breathtaking’ Coastal California Mansion on the Market for $40 Million

Feast your eyes on one very “hot” property that has just been put on the market by the billionaire creator of Hot Pockets—for the spicy price of $40 million.

Paul Merage, 82, the man behind the creation of the wildly popular microwaveable snack, is now serving up a slice of his property portfolio in the form of a “breathtaking” coastal mansion in California, which he has owned for more than 20 years.

Merage, who was born in Iran, immigrated to the U.S. to attend the University of California, Berkeley, where he earned his BA and MBA. After working for General Foods, he founded his own company, American Chef, before going on to create his beloved snack food in a bid to capitalize on the increasing popularity of the microwave.

Hot Pockets eventually became a huge success, and in 2002, the entrepreneur sold his company to Nestlé for a reported $2.6 billion—just a few years after he purchased his sprawling Newport Coast home.

The property is one of the most expensive listings in Newport Coast, where the median home price is a jaw-dropping $9.74 million, according to Realtor.com®—and it is the priciest property currently on the market in the posh Pelican Crest neighborhood.

Merage, whose family is worth an estimated $1.8 billion, according to Forbes, first offered the home up as a rental in 2023, for $45,000 a month. Now, the billionaire businessman is trying to offload it once and for all.

The three-level estate built in 2001 offers “awe-inspiring views” of the Pacific and coastline. The 10,612 square feet of living space includes six bedrooms and 10 baths. It comes with a seven-car garage.

Other highlights of the “calming” style include light-filled public spaces with “stunning” views, a wood-paneled office, and a sleek chef’s kitchen, which, one would assume, comes with all the best appliances, including a high-end microwave to heat up some Hot Pockets!

Amenities include a home gym, wine cellar and tasting room, home theater, billiard room, bar, home spa, and elevator.

The classic California living spaces flow easily from indoors to outside, where you’ll find a pool, spa, and dining areas under heated loggias.

“Experience luxury living at its finest with this breathtaking panoramic oceanview estate in the exclusive Pelican Crest community of Newport Coast,” the listing states.

“With awe-inspiring views of the Pacific Ocean, white-water coastline, and twinkling lights of Newport Harbor, this property is the epitome of sophistication and comfort meticulously constructed by renowned builder, Mark Falcone.”

The listing, held by Rex McKown and Marcy Weinstein of MWA at Compass, notes this is a “one-of-a-kind estate” that offers an opportunity to own a “piece of paradise” in the sought-after Pelican Crest community.

The community is filled with jaw-dropping homes, including five currently on the market in Newport Coast with asking prices topping $40 million. One of them, a custom-designed “crown jewel,” is listed for a staggering $70 million.