Billionaire Daryl Katz lands a Malibu estate for $85 million

The Malibu estate of Westside real estate agent Kurt Rappaport has quietly changed hands for $85 million, according to a grant deed obtained by The Times.

The off-market transaction ties David Geffen’s compound, which sold last year for the same price, for the most expensive residential sale recorded in the beach community.

The buyer is a corporate entity with ties to Daryl Katz, the billionaire investor and owner of the Edmonton Oilers hockey franchise. Tax records for the estate are to be mailed to the Los Angeles office of Katz’s attorney, Dennis Roach, property records show.

While sources not authorized to comment publicly on the deal said an additional $21 million was paid for the home’s artwork and furniture, a spokesperson for Katz told The Times that the total furnished price was $85 million.

The estate sits on a five-plus-acre bluff 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 when it comes to L.A.’s high-end real estate market. Three years ago the investor paid $34.5 million for the onetime Art Linkletter estate in Bel-Air. He followed that up in 2016 by buying a nearby home once owned by Arthur Marx, the son of comedian and actor Groucho Marx, for $9.1 million.

The Canadian businessman built a fortune in the pharmacy business before buying the Oilers franchise in 2009 for a reported $200 million. In 2015, he entered the Hollywood arena by partnering with producer Joel Silver to form the production house Silver Pictures Entertainment.

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UPDATES:

2:30 p.m.: This article was updated with additional details about the transaction.

This article was originally published at 10:00 a.m.