Kurt Rappaport‘s latest big purchase is the next step in what he envisions as a massive mansion project in Brentwood.
The broker-turned-developer spent $11.75 million to acquire a 1-acre property on Highwood Street, according to the Wall Street Journal. David O’Connor, former CEO of Madison Square Garden Co., was the seller.
He will combine that parcel with an adjacent 2-acre spread he purchased in July, Journal reported, to build one massive estate. That property was once owned by Viacom chief executive Frank Biondi Jr.
Rappaport paid $16.25 million for the Biondi’s French Manor-style home. Rappaport was the listing broker when the property first went on the market for $24 million, before buying it himself for the reduced amount.
The bones of that Wallace Neff-designed home will be maintained. Once completed, the compound will include a 13,000-square-foot main home, two guest houses, a screening room and spa.
The co-CEO of Westside Estate Agency, Rappaport is also building a private members club in West Hollywood. [WSJ] — Natalie Hoberman