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

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
Marc Andreessen and his new house (Google Maps, Getty)
Andreessen revealed as buyer of California’s most expensive house
Andreessen revealed as buyer of California’s most expensive house
Fashion executive Serge Azria was the seller of the property (Getty)
$177M for Malibu home sets California record
$177M for Malibu home sets California record
Ryan Seacrest and 1196 Cabrillo Drive (Getty)
Ryan Seacrest reaches for stars with $85M Beverly Hills listing
Ryan Seacrest reaches for stars with $85M Beverly Hills listing
David Geffen and 1169 N. Hillcrest Road (Getty, Google Maps)
David Geffen sells “Billionaires Row” dev site for $34M
David Geffen sells “Billionaires Row” dev site for $34M
From left: Tami Halton Pardee, Chris Cortazzo, and Kurt Rappaport (Credit: OGUT/Star Max/GC Images via Getty Images, Joshua Blanchard/Getty Images, and Anne Cusack/Los Angeles Times via Getty Images)
LA’s market makers: A ranking of top resi agents by on-market deals
LA’s market makers: A ranking of top resi agents by on-market deals
Chris Cortazzo and 28848 Cliffside Drive (Credit: Google Maps)
Chris Cortazzo reps himself in $39M Malibu deal
Chris Cortazzo reps himself in $39M Malibu deal
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
arrow_forward_ios

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

Loading...