It’s been a rough year for the JMD brand and its parent company, JMI Group, with the luxury home company’s sales down 22% from the year before and a sharp decline in profits.
In the U.S. the JMI brand’s net income fell from $5.6 billion to $3.5 billion, the company said on Thursday, with its stock trading at $14.10 on the Nasdaq.
JMI CEO and founder Paul M. Jones also took to Twitter to announce the brand’s end of its “fiercely loyal” customer base, calling the new reality a “merry Christmas.”
But the brand also hit a hard sell in a country where the brand has enjoyed a robust luxury home market for more than 20 years, thanks to its popularity with wealthy families who want to live out their fantasies of owning luxury homes.
The brand has long been a favorite among wealthy families looking for a more exclusive lifestyle.
JMD, which was founded in 1873 and is the largest luxury home builder in the U: owns properties across the globe, including properties in Paris, London, New York, Hong Kong, Hongdae, Singapore, Dubai and Los Angeles.
The company has sold more than 15 million luxury homes and has plans to sell another 12 million this year.
In addition to its namesake brand, JMD has had a strong presence in the luxury industry for decades.
JMS sold its first luxury home, the $100 million, 3,700-square-foot home in Beverly Hills, California, in 1987.
It sold its iconic, 3.5-acre beachfront property in Beverly, Florida, in 2001 and sold its luxury home in the Bahamas in 2005.
It also owns luxury mansions in Beverly Gardens, California; Beverly Hills; and New York.
JMM also owns the iconic, $1.8 billion, 6,600-square foot, three-story, five-bedroom, four-and-a-half-bath mansion in Beverly that is now being renovated.
The home was once owned by movie producer Harry Cohn and is now home to Hollywood actress Eva Mendes.
JM also has a collection of luxury condos and a mansion in Los Angeles that it plans to tear down.
In recent years, JMM has been aggressively acquiring luxury homes for its corporate headquarters in the United States and Europe, with a focus on the United Kingdom.
The JMD family has a history of acquiring large estates in the country, but these properties have been sold off to fund other projects.
According to Forbes magazine, the JMM family is now the third-largest home builder worldwide, behind JMI and Wachovia.
Jones, the new JMD CEO, said the company is working to find a buyer for its properties in the next year or two.
“We are determined to continue to work toward our goal of building and selling our largest, most beautiful estate in the world, in the very near future,” he said.
In a blog post, Jones said the JM brand will remain “the most celebrated, iconic brand in the history of luxury,” adding that he hopes to see the brand “remain a part of the American landscape.”