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
Kelly Clarkson and the Encino property (Getty, Compass)
Grammy winner Kelly Clarkson sells 10K sf Encino mansion
Grammy winner Kelly Clarkson sells 10K sf Encino mansion
Rihanna asks $7.8M for Hollywood Hills property after buying in Beverly Hills
Rihanna lists Hollywood Hills property after buying in Beverly Hills
Rihanna lists Hollywood Hills property after buying in Beverly Hills
LeBron and the six bedroom house (Getty, Redfin)
LeBron sells Brentwood mansion for $1M less than he paid
LeBron sells Brentwood mansion for $1M less than he paid
Kanye West and 24844 Malibu Road (Getty, Compass/Facebook)
Album drop then price chop: Kanye pays $57M for Malibu beach house
Album drop then price chop: Kanye pays $57M for Malibu beach house
Luciana Barroso and Matt Damon with the seven bedroom house (The Agency Real Estate, Getty)
Matt Damon Finds Buyer for Pacific Palisades home after chopping price, moving to NYC
Matt Damon Finds Buyer for Pacific Palisades home after chopping price, moving to NYC
Mossimo Giannulli and Lori Loughlin with The Madison Club where their house is located (The Madison Club, Getty)
Lori Loughlin and Mossimo Giannulli buy $13M La Quinta home after jail stints
Lori Loughlin and Mossimo Giannulli buy $13M La Quinta home after jail stints
Nicolas Berggruen and the Hearst Estate (Hilton & Hyland, Getty)
Sold: Billionaire pays $63M at auction for Hearst estate
Sold: Billionaire pays $63M at auction for Hearst estate
Carl Reiner with the neighboring properties (Getty, Google Maps)
Carl Reiner’s neighboring Beverly Hills Flats homes sell for $16.8M
Carl Reiner’s neighboring Beverly Hills Flats homes sell for $16.8M
arrow_forward_ios

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

Loading...