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

Deal is evidence of Malibu summer rental market explosion

TRD LOS ANGELES /
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

arrow_forward_ios
Kurt Rappaport and an aerial of the property on Highwood Street

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

Kurt Rappaport amasses 3-acre spread in Brentwood for a new mansion
JLL claims seller owes it commission on $36M deal on Canon Drive

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

JLL claims seller owes it commission on $36M deal on Canon Drive
Kurt Rappaport delves into commercial with $40M buy on Canon Drive

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

Kurt Rappaport delves into commercial with $40M buy on Canon Drive
Mansion in exclusive Beverly Park enclave sells for $27.5M

Mansion in exclusive Beverly Park enclave sells for $27.5M

Mansion in exclusive Beverly Park enclave sells for $27.5M
From left: Bill Shopoff, Sandy Sigal, and David Simon

Payment Gap: Retailers are reopening, but many aren’t paying rent

Payment Gap: Retailers are reopening, but many aren’t paying rent
Charles Tourtellotte, Chris Tourtellotte, and a rendering of the project

LaTerra closes $40M dirt deal for big Burbank project

LaTerra closes $40M dirt deal for big Burbank project
Assembly members Richard Bloom and Phil Ting

California’s great housing debate is back

California’s great housing debate is back
Workers clean up after demonstrations at the Grove Mall (Credit: VALERIE MACON/AFP via Getty Images)

Protests, vandalism and looting of stores prompt massive cleanup effort

Protests, vandalism and looting of stores prompt massive cleanup effort
arrow_forward_ios

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

Loading...