A sprawling Malibu home belonging to the co-founder and CEO of Beverly Hills-based Westside Estate Agency Kurt Rappaport, has just sold for $120 million, according to a source with knowledge of the off-market deal, just as the home’s former guest house listed for almost $12 million.
The $120 million sale price—which included the contents of the seven-bedroom home—is now the most expensive sale in Los Angeles County, after the deal closed on Friday, according to listing records.
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Canadian investor and owner of the Edmonton Oilers NHL team, Daryl Katz, is said to be the buyer.
He may be looking to relocate to warmer climates; in January, Mr. Katz, listed his Vancouver penthouse for C$38 million (US$30.6 million). A representative for the 56-year-old billionaire declined to comment.
Mr. Rappaport, 46, acquired the parcel in 2007 for $6.8 million, records show, and drafted architectural designer Scott Mitchell to design and build the home, which was completed in 2012.
The 15,000-square-foot house, which sits on six acres, has a home theater, an adjacent pavilion containing two guest suites and a 168-foot-long infinity pool, which is said to be the longest residential swimming pool in California, according to Architectural Digest, which featured the house in 2014.
Once $100 million, this 15-acre Hamptons estate can be yours for a mere $72 million. https://t.co/hYdMe3Mqcx pic.twitter.com/B8NvxUQDKt
— Mansion Global (@MansionGlobal) February 13, 2018
The other property that Mr. Rappaport is parting with is his beach house, directly below the $120 million estate, which he had used as a guest house, according to the source.
That home listed Monday for almost $11.995 million, records show. Mr. Rappaport, who did not respond to request for comment, bought the oceanfront property for $7.7 million in 2015.
The four-bedroom house spans 3,305 square feet and has large windows, ocean views, a gym, a two-car garage and tropical landscaped gardens, according to the listing.