Rappaport beat his own sales record with the $120 million off-market deal to Canadian billionaire developer Daryl Katz.
Westside Estate Agency co-founder and CEO Kurt Rappaport has sold his 7-bedroom Malibu mansion to Canadian billionaire Daryl Katz for $120 million. The home was designed by architectural designer Scott Mitchell, whose clients include Larry Ellison and Jeffrey Katzenberg.
The off-the-market deal, which closed on Friday, Feb. 9 according to the New York Post, had been rumored to be on the rocks in December, though neither Rappaport nor Katz would comment at the time on the nature of the alleged snafu, as The Real Deal reported.
Rappaport has broken his own record for selling the priciest home in Los Angeles — the previous record-holder was his $85 million sale of David Geffen’s Malibu estate, which he brokered last May.
The sale of his 15,000-square-foot home included everything inside the home, which is reported to include artwork by Damien Hirst, Ed Ruscha and Sterling Ruby. The house was rented out for $750,000 per month, and contains a private screening room, home gym and the longest pool in the state at 168 feet.
Katz is estimated to be worth just over $3 billion and owns the NHL franchise, the Edmonton Oilers. His wealth comes from managing pharmacy chains, including Rexall. However, now his company, Katz Group, has turned to real estate. The Katz Group is leading a more than $2 billion redevelopment project in Edmonton known as the ICE District and built a new arena for the Oilers in the city, according to Forbes.
Photo courtesy of Westside Estate Agency