In Los Angeles, as all of y’all should know, there are a whole heap of successful real estate agents who have made millions of dollars in commissions just by representing the people we talk about on this blog in their buying and selling of luxury real estate.
Atop that heap is a man named Kurt Rappaport. Our Mr. Rappaport is the founder of the uber-successful Westside Estate Agency — a boutique luxury real estate brokerage based on the Westside (no, really!) — and has been raking in millions of dollars in commissions for… well, we really don’t know how long. But a long ass time.
Mr. Rappaport is so successful at selling expensive houses that now he has now become one of the .0001% to which he caters. Way back in 2007, he got that weirdo actor dude Tom Cruise to pay him $30,500,000 for a house on Beverly Hills’ Calle Vista Drive and in early 2010 — at the height of the economic recession — he somehow persuaded carpet mogul Ben Soleimani to drop $15,975,000 for his mansion on North Crescent Drive (also in prime 90210).
Our Mr. Rappaport is also the guy responsible for the $88.3 million transaction of Suzanne Saperstein’s Fleur de Lys to Russian billionaire Yuri Milner and he repped both sides in the $85 million sale of David Geffen’s Malibu home to billionaire Dodgers owner Mark Walter, which holds the crown as LA’s most expensive sale of 2017.
Lest we forget, Mr. Rappaport done sold his ex-wife Juliette’s Beverly Hills pad for a fat $14 million and then secured her a new $6.6 million compound on Summit Drive in the 90210. (However, a careful examination of property records reveals that the ex-Mrs. Rappaport’s Summit Drive house is currently in the early stages of foreclosure. Yikes! But we digress).
Nowadays ol’ Kurty is newly married to a lovely lass named Sarah Mutch (a model, she is) and is has just finished building himself a big-ass mansion above the Sunset Strip area of Los Angeles — very near the Bird Streets. Which might be why he is thinking about divesting in Malibu. Or maybe he just sees an opportunity to make big bucks. There’s that, too.
As you all should know by now, Mr. Rappaport just sold his main Malibu residence for a mind-blowing sum. It was the peeps over at TMZ who first reported that Canadian billionaire Daryl Katz threw down an epic $85,000,000 for the property, an amount that is tied for the biggest sale ever in the oceanfront city and is among the top 10 biggest residential sales in the LA area. Ever. Records now show that the sale officially closed in early February (2018).
If you were to ask Yolanda, we’d say that Mr. Rappaport is the greatest real estate salesperson this town has ever seen. Why? Because in our very humble opinion — and certainly some folks will disagree with us, and that’s okay — his Malibu house was not worth anywhere near $85 million. Maybe half of that. On a good day.
Seriously, come on now. Mr. Rappaport paid $6,835,000 for the then-vacant lot in 2007 and records show he spent years and a ton of money — mortgage documents suggest it was $20 million or possibly even more — to build his 9,000-square-foot dream house on 5+ prime acres.
The house is quite stunning, no doubt, the views are magnificent, and the pool is reportedly the longest residential cement pond in the whole damn state. But $85 million for a 9k square foot Malibu house that’s not even on the sand? Wow!
It may (and should) shock you that an $85 million house in Malibu has no beach access (isn’t that what Malibu is all about?) but yes, that is indeed the case here. On the other hand, home prices in LA are sanity-defying these days — and they seem to grow only more ludicrous every year — so there’s that. And obviously Mr. Rappaport’s house was worth $85 million to Mr. Katz.
Speaking of our Mr. Katz, he also has a history of paying extraordinary sums for prime LA properties. Back in summer 2015, he bought his friend Francisco Aquilini’s unfinished Bel Air mega-mansion for $34,500,000 and then proceeded to hack it up some more. Nearly three years later, as far as we know, that Bel Air monstrosity remains unfinished and uninhabitable.
Oh dear, we digress again. We aren’t here today to talk about Mr. Katz’s Bel Air spread or regurgitate the news of the big $85 million sale in Malibu. Today we’d like to highlight Mr. Rappaport’s other fancy Malibu house. Yes, ol’ Kurty had not one but two swanky Malibu pads. And this one is actually located on the sand.
Now that he’s sold his big Malibu house, Mr. Rappaport has no need of the smaller cottage. The fully renovated pad on Malibu Road is asking $11,995,000 and has several nifty features like an unusually large amount of off-street parking, floor-to-ceiling glass windows, a “designer inspired living room”, a chic and sleek kitchen with high-end Viking appliances, and a roomy open floor plan. There are a total of 4 beds, 3.5 baths in 3,305-square-feet of living space.
Y’all might be interested to know that Mr. Rappaport bought this house in early 2015 for $7,700,000 from a very wealthy Tampa, Florida-based couple named Tom & June Simpson. Unfortunately for the Simpsons, records show that they had forked out $9.3 million for the house back in 2006, which means they took a $1.6 million bath on the property when ol’ Kurty got the deed. Not that it really matters to them — they had other problems. For instance, their son’s adulterous wife shot her 23-year-old lover in her husband’s house and then dropped more than $80,000 on the Simpson family credit card at Wal-Mart and Sam’s Club! After her divorce, no less!
Good gracious! Nothing says “klassy” quite like pullin’ out a damn Glock and blastin’ your tatted-up young boytoy and then going H.A.M. on your mother-in-law’s credit card at Wal-Mart! Walmart? Really? (How does one person even spend $80k at Wal-Mart?!)
Anywho, time will tell as to whether Mr. Rappaport will be successful in getting near his asking price for his oceanfront property — house sales in Malibu tend to be a bit more sluggish than in the Platinum Triangle — but if he were to ask us for advice (and he won’t), we’d have him dial up Mr. Katz again and sell him on this one. Even billionaires like to have a toehold in the sand, after all.