$177M for Malibu home sets California record
Fashion executive Serge Azria sold; Kurt Rappaport handled both ends
Kurt Rappaport handled both ends of the biggest home sale in the history of California.
Fashion executive Serge Azria recently sold his Malibu pad for $177 million, according to the Wall Street Journal. Rappaport, co-founder of Westside Estate Agency, represented both the buyer and seller of the home.
The buyer has yet to be publicly identified.
The oceanfront home in the Paradise Cove neighborhood of Malibu spreads across two lots for about 7 acres, the Journal reports. The main house on the property is approximately 10,000 square feet, featuring amenities such as a cinema and spa, as well as two guesthouses.
Famed Hollywood producer Jerry Weintraub previously owned the estate through a trust connected to him. Azria and his wife purchased the home in 2013 for $41 million.
The purchase price breaks the previous California record sale by $12 million. Right before the pandemic, David Geffen agreed to sell his Beverly Hills estate to Amazon founder Jeff Bezos for $165 million. The deal was reportedly struck on Geffen’s yacht with no real estate agents involved.
Still, the Azria sale finishes a distant second for the priciest home sale in American history. That distinction belongs to hedge funder Ken Griffin, who dropped $238 million on a penthouse at 220 Central Park South in New York City in 2019. The Citadel founder managed to get the 23,000-square-foot quadplex for $12 million below the ask.
Azria is the designer behind brands such as Joie, Equipment and Current/Elliott. He sold his company, Dutch LLC, in 2012, according to the Journal. He is a brother of Max Azria, who founded BCBG Max Azria Group. Max Azria died of lung cancer in 2019.
Serge Azria is reportedly going to spend more time at his Spanish-style house in Bel-Air. The entrepreneur also plunked down $9.4 million for an eco-friendly duplex penthouse at 60 White Street in NYC’s Tribeca neighborhood.
[WSJ] — Holden Walter-Warner