Westside Estate Agency founder gets $750K a month for Malibu rental

Deal is evidence of Malibu summer rental market explosion

Mar.March 18, 2016 11:30 AM

Kurt Rappaport, co-founder of the Westside Estate Agency, has found a tenant to pay $750,000 a month to rent his Malibu estate for the summer, the Wall Street Journal reported.

The deal is evidence of the increasing appetite for high-end Malibu rentals, thanks in part to an uptick in demand from the wealthy international visitors, the paper said. The typical two- or three-bedroom Malibu rental goes for around $20,000 a month in July or August.

“It’s a new market that’s emerging,” said Johnny Steindorff, a partner at 4 Malibu Real Estate.

As for Rappaport, he said the price of his 22,000-square-foot Malibu pad was entirely justified and a bargain when compared with renting a five star hotel suite or chartering a yacht for a month.

“Presidential suites don’t have screening rooms, your own gym, or a 168-foot-long pool. It’s kind of a no-brainer,” he said. [WSJ] Katherine Clarke

Related Articles


Kurt Rappaport amasses 3-acre spread in Brentwood for a new mansion

JLL claims seller owes it commission on $36M deal on Canon Drive

Kurt Rappaport delves into commercial with $40M buy on Canon Drive

Mansion in exclusive Beverly Park enclave sells for $27.5M

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

Clockwise from top left: 10350 Wyton Drive, 642 Perugia Way, 670 Perugia Way, 1000 Elden Way and (center) 627 N. Carcassonne Road (Credit: Redfin)

Here are the priciest resi listings in LA County last week

LA City Attorney Mike Feuer at a rally in South LA last year

City accuses affordable developer of stealing public funds for South LA project

From left: 154 North La Peer Drive, 2750 4th Avenue, and Madison Realty Capital managing principals Adam Tantleff, Brian Shatz and Josh Zegen (Credit: Google Maps, Redfin)

Madison Realty Capital finances Beverly Hills condo project amid West Coast expansion