What Is Nick Mowbray's Net Worth? NZ Tycoon Sparks Fury After Buying Malibu Beachfront Land for Mega Mansions

New Zealand billionaire Nick Mowbray, co-founder of global toy empire Zuru, has sparked anger in California after he and his brother Mat bought 16 burned-out beachfront lots in Malibu, prompting fears they will turn the devastated coastline into luxury mega-mansions.

The acquisitions come a year after the January 2025 wildfires, the most destructive in Los Angeles history, which reduced more than 6,800 homes and buildings across Southern California to ash.

Locals who lost homes in the blaze say they are struggling to rebuild while competing against billionaire investors buying up discounted land.

Malibu City Council members and residents have voiced concerns that the Mowbrays' development plans could permanently alter the character of the coastal community.

Malibu's Post-Fire Struggles

The 2025 infernos destroyed around 720 properties in Malibu alone, leaving behind a scarred landscape and a frustrated population. One year later, only 22 building permits have been issued in the city, compared with more than 1,300 in nearby Pacific Palisades.

Many residents have given up trying to rebuild, with more than half of the remaining lots now listed for sale at discounts of 20% to 60%.

According to local reports, the Mowbray brothers acquired 16 parcels of land through their company, Zuru Tech US LLC, which is developing AI-designed prefabricated homes.

The sites, located along the Pacific Coast Highway, were purchased at post-fire rates that property experts say have been depressed by oversupply and slow reconstruction progress.

Zuru's Rebuilding Plan

The brothers' company, Zuru Tech, claims it wants to help rebuild Malibu using advanced, fire-safe building technology.

Marcel Fontijn, the firm's director of operations, told KABC that their factory-built homes are designed for safety and efficiency.

'What's unique with our system is it's a fire-safe system,' Fontijn explained. 'Walls are made out of AAC, which is a very lightweight concrete with high insulation values, and the roofs are made of concrete.'

Fontijn added that Zuru's intention was not to commercialise the coastline but to contribute to Malibu's recovery. 'Our attention is not on stealing their land or commercialising Malibu. We truly want to return Malibu to what it can be, hopefully a better version of its past self,' he said.

He also revealed that the brothers initially planned to build a single home for their family but were approached by residents offering to sell additional lots.

The proposed homes, he said, would be priced based on market value when completed and available within three years.

Community Concerns Grow

Despite reassurances from Zuru, local officials remain sceptical. Malibu City Councilman Steve Uhring told KABC that residents fear the foreign developers may merge plots to create massive estates.

'It's got to be a community that has a group of homeowners who live here, who are invested in the community,' Uhring said. 'I think as we get further down the line, everybody's going to realise the boys from New Zealand are billionaires, they're in it to make money.'

Inside Nick Mowbray's Fortune

Nick Mowbray, 39, built his fortune alongside his siblings Mat and Anna through Zuru, a privately owned company that produces popular global toys including Mini Brands, Bunch O Balloons and Robo Fish.

The firm has since diversified into robotics, construction and household products, with operations spanning more than 120 countries.

According to the New Zealand Herald, the Mowbray brothers have a combined net worth of around NZ$20 billion (US$11.57 billion/ £8.56 billion), making them New Zealand's richest individuals.

Nick, who owns a multimillion-dollar mansion in Coatesville and a luxury yacht, is considered one of the country's most influential entrepreneurs.

Their Malibu purchases, however, have placed the brothers at the centre of an escalating debate about foreign ownership, post-disaster redevelopment, and the future of one of America's most exclusive coastal communities.