Hot property: billionaire pays US$85 million for Malibu estate
Investor Daryl Katz buys property of real estate agent Kurt Rappaport, while US actor Charlie Sheen offers his California home for sale for US$10 million
The Malibu estate of West Los Angeles real estate agent Kurt Rappaport has quietly been sold to billionaire investor Daryl Katz for US$85 million – an all-in price that includes the furnishings, says a spokesperson for Katz.
The off-market transaction ties that of US business magnate 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 five acres (two hectares) 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 sq ft house.
Expanses of floor-to-ceiling windows are centred 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 swathe of lawn and minimalist landscaping complete the coastal setting.