Rappaport beat his own sales record with the $120 million off-market deal to Canadian billionaire developer Daryl Katz.
Westside Estate Agency co-founder and CEO Kurt Rappaport has sold his 7-bedroom Malibu mansion to Canadian billionaire Daryl Katz for $120 million. The home was designed by architectural designer Scott Mitchell, whose clients include Larry Ellison and Jeffrey Katzenberg.
The off-the-market deal, which closed on Friday, Feb. 9 according to the New York Post, had been rumored to be on the rocks in December, though neither Rappaport nor Katz would comment at the time on the nature of the alleged snafu, as The Real Deal reported.
Rappaport has broken his own record for selling the priciest home in Los Angeles — the previous record-holder was his $85 million sale of David Geffen’s Malibu estate, which he brokered last May.
The sale of his 15,000-square-foot home included everything inside the home, which is reported to include artwork by Damien Hirst, Ed Ruscha and Sterling Ruby. The house was rented out for $750,000 per month, and contains a private screening room, home gym and the longest pool in the state at 168 feet.
Katz is estimated to be worth just over $3 billion and owns the NHL franchise, the Edmonton Oilers. His wealth comes from managing pharmacy chains, including Rexall. However, now his company, Katz Group, has turned to real estate. The Katz Group is leading a more than $2 billion redevelopment project in Edmonton known as the ICE District and built a new arena for the Oilers in the city, according to Forbes.
Photo courtesy of Westside Estate Agency
Designer and Builder Scott Gillen, who has created 22 extraordinary luxury properties and generated more than $130 million in sales, has purchased this rare, 24-acre property.
Selling at $50 Million, this undeveloped land has sold at a record price according to the Multiple Listing Service, with Coldwell Banker Global Luxury representing the buyer. The first day the property came on the market, Scott Gillen initiated contact with the owners through Coldwell Banker’s Sandro Dazzan, who represented him on the sale.
This new milestone sale elevates the Malibu property market to unprecedented heights, building on the powerful upward trajectory of the market. Malibu’s reputation as one of the nation’s most elite property markets has never been stronger following other recent sales including the $85 Million sale of David Geffen’s Carbon Beach compound and the $69.9 million sale of a Malibu estate on Sweetwater Mesa Road.
The coveted flat plateau of land offers 360-degree views of the Pacific coastline, Catalina Island, the Santa Monica mountains and city lights. This rare property will be transformed into a 24-hour manned guard gated community to offer the privacy and security that high-profile buyers seek.
Gillen plans to build 5 custom architectural estates, which are currently projected to start at $40 Million and range up to $60 Million. This bespoke residential enclave will be known as “The Case,” and will set a new high standard for Malibu with a combined listing price of over $300 Million. The homes will vary in size from 10,500 to 13,500 square feet, while the lots will span in size from 2.45 to 5.78 acres.
“The Case” will provide an unrivaled location to showcase Gillen’s award winning and sought after design aesthetic. For the first time in Gillen’s career as a designer and builder, he will work closely with an outside architect, Richard Landry.
Photos courtesy of Simon Berlyn, Sandro Dazzan and Coldwell Banker