Trouble in a $120M paradise? Record-breaking deal for Kurt Rappaport’s Malibu mansion may be in jeopardy: sources

Canadian billionaire Daryl Katz was reported to be buying the home of the Westside Estate Agency founder

Los Angeles /
Dec.December 15, 2017 02:20 PM
Kurt Rappaport and the Malibu home (Credit: WeAHomes, Google Maps)

UPDATED Monday 12/18, 10:00 p.m.: Malibu wasn’t quite ready for a nine-figure sale.

A record-smashing pending deal of Kurt Rappaport’s mansion to a Canadian billionaire may be in peril, sources told The Real Deal. Earlier this month, news broke that Rappaport, the co-founder and CEO of Beverly Hills-based Westside Estate Agency, struck a deal to sell his 15,000-square-foot Malibu mansion to Edmonton Oilers owner Daryl Katz for $120 million – $85 million for the property and $35 million for the spoils inside it.

But now insiders are whispering that the off-market deal with Katz may be off. Representatives for Katz didn’t respond to requests for comment, and Rappaport couldn’t be reached.

A Carbon Beach compound on Pacific Coast Highway, which was owned by David Geffen and sold to Guggenheim Partners founder Mark Walter in May for $85 million, holds the current record for Malibu. The main home on the property spanned 6,130 square feet, putting the price at $13,866 per square foot. Rappaport, incidentally, brokered that transaction.

If the deal for Rappaport’s home does indeed fall through, it would provide a measure of vindication for many top-shelf brokers who said the $120 million price tag, at $8,000 a foot, defied common sense. Rappaport paid just $6.8 million for the land in 2007, property records show, and tapped architect Scott Mitchell to design the home, which boasts seven bedrooms, 10 bathrooms and what is said to be the longest infinity pool in California.

Correction: A previous version of this story incorrectly referred to Rappaport’s property as a ‘spec mansion.’


Related Articles

arrow_forward_ios
Ellen DeGeneres and Portia de Rossi with their Beverly Hills home (Getty, Redfin)
Ellen DeGeneres looks to flip Adam Levine’s old pad for $54M
Ellen DeGeneres looks to flip Adam Levine’s old pad for $54M
Lebron James and his Brentwood home (Getty, Redfin)
Loss for LeBron? King James lists Brentwood mansion
Loss for LeBron? King James lists Brentwood mansion
Jamie-Lynn Sigler and Cutter Dykstra with their Valley Village home (Getty, Compass)
“Sopranos” star Jamie-Lynn Sigler sells San Fernando Valley home
“Sopranos” star Jamie-Lynn Sigler sells San Fernando Valley home
Freddy Wexler and his new Beverly Hills home. (Getty, Jade Mills Estates)
“Stuck With U” songwriter drops $13M for Beverly Hills manse
“Stuck With U” songwriter drops $13M for Beverly Hills manse
Lily Collins and her Beverly Hills home (Getty, Nicholas Property Group)
“Emily in Paris” star Lily Collins finds buyer for Beverly Hills home
“Emily in Paris” star Lily Collins finds buyer for Beverly Hills home
Rendering of Sea View Hotel
Renderings depict hotel planned on PCH near Nobu Ryokan Malibu
Renderings depict hotel planned on PCH near Nobu Ryokan Malibu
Lena Dunham and her North Ogden Drive home (Getty, Compass)
That’s a wrap: Lena Dunham lists Hollywood bungalow
That’s a wrap: Lena Dunham lists Hollywood bungalow
P.K. Subban and Lindsey Vonn with their Beverly Hills home (Getty, Hurwitz James Company)
Winter sport wonders Lindsey Vonn and PK Subban list Beverly Hills home
Winter sport wonders Lindsey Vonn and PK Subban list Beverly Hills home
arrow_forward_ios

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

Loading...