The Real Deal New York

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
February 11, 2018 10:45AM

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