Frozen foods billionaire Paul Merage has put his 11,000-square-foot mansion in Newport Beach’s Newport Coast on the market for $40 million.

The inventor of Hot Pockets, who now heads locally based MIG Capital, listed the six-bedroom, 10-bathroom house at 9 Sailcrest, in the gated Pelican Crest, the Orange County Register reported.

The two-story Mediterranean-style mansion, built in 2001 on more than a third of an acre, has sweeping views of the Pacific Ocean and Newport Harbor. The property has belonged to Merage since June 1998, according to public records.

It was listed twice in 2023 for rent at $41,000 a month, according to Zillow.

The home has an expansive foyer with a staircase, a wood-sheathed office, a minimalist kitchen and living and dining areas with French doors that open onto lush grounds.

Upstairs, a primary bedroom has French doors that open onto a wraparound balcony. The room includes two walk-in closets and two bathrooms, the largest of which has a soaking tub and separate glass-enclosed shower.

There’s an underground level with wine cellar and tasting room, gym, home spa and garage lined with walls of storage closets. An elevator runs between all three levels.

Outside, there’s an infinity pool, a spa and heated open-side rooms with panoramic views.

Brokers Rex McKown and Marcy Weinstein of M | W | A at Compass hold the listing.

Merage, 82, co-founded Chef America, where he created Hot Pockets. The Iranian businessman and his brother, David, sold the frozen-food business in 2001 to Nestlé for $2.6 billion. In 2005, Merage donated $30 million to a business school at UC Irvine that now bears his name.

His MIG Capital has $1 billion in assets under management, including more than 4 million square feet of industrial, office and grocery-anchored shopping centers; nearly 7,000 apartment units; and more than 1,100 hotel rooms, the Business Journal reported.

— Dana Bartholomew