When you are struggling to sell, maybe it’s time to sell to the listing agent.
Kurt Rappaport, co-founder of Westside Estate Agency, paid $16.25 million to acquire one of his own listings, the Brentwood home of the former Viacom executive Frank Biondi Jr. The home was initially marketed at $23.9 million, meaning Rappaport secured a 32 percent discount on the deal, the Wall Street Journal reported.
The media executive first listed the property with Linda May from Hilton & Hyland in October. It’s price was reduced to $19.5 million in March.
Designed by Wallace Neff, the French manor-style property has four bedrooms and nine bathrooms within 9,000 square feet of living space. Amenities include a gym, screening room, staff quarters and guard house.
Robert A.M. Stern Architects, famous for building New York staples like 30 Park Place and 15 Central Park West, expanded the estate in 1999.
Biondi purchased the property in 1996 for nearly $4.1 million from producer couple Kathleen Kennedy and Frank Marshall, records show.
Rappaport, who recently sold his mansion in Malibu to billionaire Daryl Katz for $85 million, plans on renovating the interiors. He is still deciding whether to use the property as an investment or as a primary residence, he told WSJ.
Biondi has served executive roles at Viacom and Universal Studios. In 2016, the entertainment mogul scooped up a condominium on Wilshire Boulevard with his wife, Carol, for $3.25 million. [WSJ] — Natalie Hoberman