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The Real Deal Los Angeles

Daryl Katz pays $85M for Kurt Rappaport’s Malibu estate

The deal ties record for priciest residential sales in the city
February 20, 2018 02:00PM

Daryl Katz and the Malibu home (Credit: Wikimedia Commons)

It took awhile, but billionaire Daryl Katz has finally closed on Kurt Rappaport’s massive estate, paying $85 million plus another $21 million for the artwork and furniture.

Katz first entered into an agreement to purchase the Malibu property for a combined $120 million in December, although sources said that deal eventually fell out of escrow.

A corporate entity with ties to Katz is now listed as the buyer on the property’s grant deed, the Los Angeles Times reported. Tax records also link Katz’s attorney, Dennis Roach, to the property.

The Scott Mitchell Studio-designed modern home spans 15,000 square feet. Located on the Pacific Coast Highway overlooking the ocean, the residence includes six bedrooms, seven bathrooms, two guest suites and an expansive backyard. The 168-foot-long infinity pool is among the longest in the state, according Architectural Digest.

Rappaport, the co-founder and CEO of Beverly Hills-based Westside Estate Agency,

paid $6.8 million for the land in 2007, property records show. The home was then completed in 2012.

The off-market transaction ties with David Geffen’s $85 million home sale to Guggenheim Partners founder Mark Walter for the priciest residential sale in Malibu.

Katz, a Canadian businessman, also owns the Art Linkletter estate in Bel-Air, which he paid $34.5 million for in 2015. He is also chairman of Katz Group of Companies. [LAT] – Natalie Hoberman