LOS ANGELES _ The Malibu estate of West L.A. real estate agent Kurt Rappaport has quietly sold to billionaire investor Daryl Katz for $85 million _ an all-in price that includes the furnishings, according to a spokesperson for Katz.
The off-market transaction ties that of David Geffen's compound, which sold last year for the same price, for the most expensive residential sale recorded in the beach community.
The estate sits on a bluff of more than 5 acres just north of Pepperdine University on Pacific Coast Highway.
Designed by Malibu-based Scott Mitchell Studio, the monolithic-vibe house was designed to capture the ocean-view setting while maintaining a clean and elegant form. Horizontal lines, black granite tile and board-formed concrete walls are among features of the 9,000-square-foot house. Expanses of floor-to-ceiling windows are centered toward the coastline.
The home, completed in 2012, has six bedrooms and seven bathrooms, tax records show. There are two guest suites plus an infinity-edge swimming pool. A large swath of lawn and minimalist landscaping complete the coastal setting.
Katz, 56, has history in L.A. real estate. Three years ago he paid $34.5 million for the onetime Art Linkletter estate in Bel-Air and in 2016 bought a nearby home once owned by Arthur Marx, the son of Groucho Marx, for $9.1 million.
The Canadian built a fortune in the pharmacy business before buying the Edmonton Oilers hockey franchise in 2009. In 2015, he entered the Hollywood arena, partnering with Joel Silver to form the production house Silver Pictures Entertainment.
