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

The deal ties record for priciest residential sales in the city

TRD LOS ANGELES /
Feb.February 20, 2018 02:00 PM
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


Related Articles

arrow_forward_ios
Simon Cowell (Credit: Axelle/Bauer-Griffin/FilmMagic via Getty Images)

For Simon Cowell, Trousdale Estates wasn’t a winner

For Simon Cowell, Trousdale Estates wasn’t a winner
Jon Voight (Credit: Paul Archuleta/Getty Images)

Cut: Jon Voight slashes price on Beverly Hills development opportunity

Cut: Jon Voight slashes price on Beverly Hills development opportunity
Elvis and Priscilla Presley with the home (Credit; Bettmann/Getty Images)

Elvis Presley’s former Holmby Hills home sells for $30M

Elvis Presley’s former Holmby Hills home sells for $30M
Kathy Griffin and the home (Credit: Douglas Elliman and Tibrina Hobson/Getty Images)

No laughing matter: Kathy Griffin wants $16M for Bel Air manse

No laughing matter: Kathy Griffin wants $16M for Bel Air manse
Eli Broad and the house (Credit:: Mathew Imaging/WireImage via Getty Images, and Google Maps)

Eli Broad’s $75M Malibu beach house listing got another price chop

Eli Broad’s $75M Malibu beach house listing got another price chop
James Cameron and the property (Credit: Mike Pont/FilmMagic via Getty Images, and The Altman Brothers)

James Cameron lists longtime Malibu haunt for $25M

James Cameron lists longtime Malibu haunt for $25M
Taraji P. Henson, Cardi B, and Matthew Perry (Credit: Rich Fury/Getty Images, Frazer Harrison/Getty Images, and Frederick M. Brown/Getty Images)

Cardi B, Taraji P. Henson among celebs renting $35K/month Malibu pad

Cardi B, Taraji P. Henson among celebs renting $35K/month Malibu pad
Alexandra von Furstenberg and a rendering of the home (Credit: Steve Granitz/WireImage via Getty Images, and Reltor.com via Variety)

Alexandra von Furstenberg picks up unfinished mansion in Beverly Park

Alexandra von Furstenberg picks up unfinished mansion in Beverly Park
arrow_forward_ios

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

Loading...