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

TRD 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
Steve Levitan and the home (Credit: Jason LaVeris/FilmMagic via Getty Images and Google Maps)

Steve Levitan of “Modern Family” fame asks $16M Malibu beach pad

Steve Levitan of “Modern Family” fame asks $16M Malibu beach pad
Jack Giarraputo and the house (Credit: E. Charbonneau/WireImage for Sony Pictures-Los Angeles via Getty Images, and Douglas Elliman)

Shovel-ready in Malibu: Producer Jack Giarraputo lists land for $32M

Shovel-ready in Malibu: Producer Jack Giarraputo lists land for $32M
From left: David Parnes, James Harris, Tracy Tutor, Josh Flagg, Josh Altman, and Hiten Samtani

“Million Dollar Listing” stars dish on LA’s luxury market

“Million Dollar Listing” stars dish on LA’s luxury market
Chuck Lorre and the home (Credit: Emma McIntyre/Getty Images, and Google Maps)

Producer Chuck Lorre buys again in Pacific Palisades

Producer Chuck Lorre buys again in Pacific Palisades
Rob Lowe and wife Sheryl Berkoff, with the home (Credit: Gregg DeGuire/WireImage via Getty Images, and Compass/The Agency)

Rob Lowe sells Montecito mansion for $46M

Rob Lowe sells Montecito mansion for $46M
LeBron James and the home at 9955 Beverly Grove Dr. (Credit: Ezra Shaw/Getty Images, and Google Maps)

Closing in on title, LeBron James closes on Beverly Hills mansion

Closing in on title, LeBron James closes on Beverly Hills mansion
Pierce Brosnan (Credit: Andreas Rentz/Getty Images)

$99M is not enough: Pierce Brosnan lists Malibu manse at massive price

$99M is not enough: Pierce Brosnan lists Malibu manse at massive price
John Legend and Chrissy Teigen (Credit: Charley Gallay/Getty Images)

John Legend and Chrissy Teigen find roomier digs in Benedict Canyon

John Legend and Chrissy Teigen find roomier digs in Benedict Canyon
arrow_forward_ios

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

Loading...