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

New York 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 Articles

arrow_forward_ios
(iStock/Illustration by Kevin Rebong for The Real Deal)
Existing home sales hit 15-year high in 2021
Existing home sales hit 15-year high in 2021
Joseph Tsai, executive vice chairman, Alibaba (Getty Images, LoopNet, iStock)
Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
1107 Fifth Avenue and Richard Eisner (CityRealty, The New Jewish Home)
EisnerAmper co-founder sells Carnegie Hill co-op for $35M
EisnerAmper co-founder sells Carnegie Hill co-op for $35M
A photo illustration of Vishal Garg, chief executive officer, Better.com (Better.com, iStock)
Better.com CEO returns to role after Zoom layoffs controversy
Better.com CEO returns to role after Zoom layoffs controversy
(iStock/Illustration by Steven Dilakian for The Real Deal)
Black mortgage applicants’ rejection disparity surges
Black mortgage applicants’ rejection disparity surges
Redfin CEO Glenn Kelman (Redfin, iStock)
Service divide at forefront of Redfin discrimination suit
Service divide at forefront of Redfin discrimination suit
Milo Founder and CEO Josip Rupena (iStock, Milo Credit)
Crypto-rich but can’t buy a home? Now you can
Crypto-rich but can’t buy a home? Now you can
Side's Guy Gal and John Wollberg
Brown Harris Stevens defector kicks off Side’s entrance into New York
Brown Harris Stevens defector kicks off Side’s entrance into New York
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...