Hot Pockets To Hot Profits—Billionaire Inventor Of Popular Snack Puts Newport Coast Mansion On The Market For $40 Million

You may not have heard of Paul Merage, but you are likely familiar with his worth and it's quite possible you have contributed to his fortune. Merage is the man who invented the immensely popular Hot Pockets snacks that have become fixtures in vending machines and freezers all over the country. Now, Realtor.com reports Merage is cashing in on some of his investments by selling his mansion in Newport Coast, California for $40 million. . 

As you might expect, Merage's property is exclusive, even by Newport Coast standards. It's in the guard-gated community of Pelican Crest and features sweeping views of the Pacific Ocean. The $40 million price tag makes it one of the most expensive listings available in that community and it's not hard to see why. The three-floor mansion is spread out over 11,000 square feet with six bedrooms and 11 bathrooms.

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It's perched on a slightly larger than 1/3 of an acre parcel and has an underground level replete with luxury trappings that include: 

• Wine cellar
• Home gym
• Spa
• Garage (with integrated storage lockers)
• Tasting room

According to the Orange County Register, which also covered news of the listing, Merage originally purchased the property in 1998 and spent several years building the home, which was completed in 2001. Rex McCown and Marcy Weinstein of MWA Compass are representing the property, which also has an elevator that will give the new owner easy access to all three floors.

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The exterior features infinity pools, heated terraces for outdoor dining, and lush landscaping. Views of the Pacific Ocean are featured throughout the property. That includes the master suite, which is complete with a deck overlooking the Newport Coast. On rainy days, the new owner can entertain in the property's private theater room and prepare meals in the gourmet chef’s kitchen. There can be no doubt that this is an estate befitting of someone living the American dream to the fullest.

According to Realtor.com, Merage, immigrated to the US from Iran and attended UC Berkeley, where he graduated with a BA and an MBA. He cut his teeth in the business at General Foods before branching out on his own. Merage founded American Chef with his brother, David, right around the time microwave cooking was reaching its peak. Merage figured out the perfect way to capitalize on that trend. 

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While other companies were focused on making microwave meals, Merage decided to make a microwavable snack, and the Hot Pocket was born. Merage may not have known it at the time, but he struck lightning in a bottle. Hot Pockets were so popular that food giant Nestle purchased American Chef in an estimated $2.6 billion deal that closed in 2002. 

It remains to be seen whether Merage's estate will fetch the $40 million asking price. However, if Merage develops real estate even half as well as he develops snacks, the smart money is on him to come out on the winning side of his deal.

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