The Malibu home belonging to Kurt Rappaport, co-founder and CEO of Beverly Hills-based Westside Estate Agency, is set to sell for $120 million, according to a source with knowledge of the off-market deal.
Mr. Rappaport, 46, acquired the land 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.
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The 15,000-square-foot house 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.
Mr. Rappaport declined to comment on the transaction.
The deep-pocketed buyer is Canadian investor and owner of the Edmonton Oilers, Daryl Katz, according to TMZ, who first reported the sale, though Mansion Global couldn’t independently confirm this. He’s reportedly paying $85 million for the home and coughing up an extra $35 million for the contents too, bringing the transaction total to a record-breaking $120 million.
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Mr. Katz, 56, is worth $2.9 billion according to Forbes. He could not be reached for comment.
The transaction is set to break the Malibu sales record that Mr. Rappaport set when he sold entertainment mogul David Geffen’s beachfront spread for $85 million in an off-market deal in May.
Mr. Rappaport isn’t the only hot-shot broker in the Los Angeles area making real estate moves. Last week Mauricio Umansky, CEO and founder of the Los Angeles-based brokerage The Agency, listed his Bel Air home with an asking price of $6.99 million.