Broker Kurt Rappaport’s record-breaking sale of his own mansion closes

Rappaport beat his own sales record with the off-market deal to a Canadian billionaire developer

TRD WEEKEND EDITION /
Feb.February 11, 2018 10:45 AM

Kurt Rappaport in 2012; Malibu in background. (Credit from back: Pixabay; Barrett90035)

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 sale, which closed Friday 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.

The off-the-market deal means 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, which was rented out for $750,000 per month, contains a private screening room, home gym and the longest pool in the state at 168 feet.

Katz, the buyer, 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. [NYP] Erin Hudson


Related Article

arrow_forward_ios

Aggressive iBuyer Opendoor acquires title and escrow company

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

Nashville broker posts oral sex selfie alongside kitchen and pool listing pics

From left: Rory Golod, Robert Reffkin and 1328 Fulton Street (Credit: Google Maps)

Compass is growing rapidly in UWS and Brooklyn

Elevated risk: Malfunction at NYCHA is putting public housing residents at greater risk of being injured in its elevators

How do brokers get listings from the Department of Justice?

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

From left: Bess Freedman, Fredrick Peters, Shlomi Reuveni and Eric Benaim with 505 West 43rd Street (Credit: BHS, Warburg Realty, Reuveni, and Charliewestny)

The Daily Dirt: What brokers fear most

arrow_forward_ios