clock menu more-arrow no yes

Filed under:

Canadian billionaire reportedly spending $120M on a beachfront mansion in Malibu

New, 5 comments

This could be the most expensive deal in LA history

It’s been a bumper year for LA’s ultra-luxury real estate market. Beyoncé and Jay Z paid $90 million for a hotel-like mansion in Bel Air in August, and Dodgers owner Mark Walter nabbed David Geffen’s Carbon Beach estate for $85 million a few months before that.

But a new Malibu sale may top them all. TMZ reports that Canadian investor and Edmonton Oilers owner Daryl Katz is in escrow on a deal to purchase celebrity real estate agent Kurt Rappaport’s opulent Malibu beach house for $85 million.

But that’s not all. Katz is also reportedly purchasing the contents of the very well-appointed home for an additional $35 million, bringing the total value of the deal to an astonishing $120 million.

That could make this the most expensive deal in Malibu history, and in LA County as well. Last year, two different homes shattered records when they sold for $100 million: the Playboy Mansion and a Holmby Hills spec house purchased by Detroit Pistons owner Tom Gores (it’s starting to seem like people who own sports franchises like to buy expensive houses).

Rappaport had previously been renting out the house for a hefty $750,000 per month. Sitting on a six-acre lot, it’s got seven bedrooms and ten bathrooms, along with a long list of amenities that includes a screening room, a gym, a game room, and a swimming pool the length of half a football field.

In 2014, Architectural Digest highlighted the Scott Mitchell-designed home, noting that its walls were adorned with valuable works of art by the likes of Andy Warhol and Ed Ruscha. It’s not clear whether those were included in the deal, but if so, that may explain the eye-popping price attached to the home’s furnishings.

Kitchen and dining room
Living room