WEA News

Real Estate Exec Snaps Up Second Los Angeles Property To Build Mega-Mansion

Looking to build a compound, Kurt Rappaport has paid $11.75 million for a Brentwood lot neighboring a parcel he bought last year for $16.25 million

Real estate executive Kurt Rappaport, who has recently seen success selling massive mansions to the ultra-wealthy, has snapped up a nearly 1-acre parcel in the Brentwood area of Los Angeles for $11.75 million, a purchase that will help him build his latest project.

Mr. Rappaport said he will be combining the parcel with a nearly 2-acre neighboring estate purchased last year for $16.25 million—a property once owned by Viacom Chief Executive Frank Biondi, Jr. The combined purchases for the two properties result in one of the highest prices ever paid for a potential home site in Brentwood, he said.

Mr. Rappaport said he is planning to take an existing home on the larger property—a French manor-style home designed by California architect Wallace Neff—down to the studs and rebuild and expand it to about 13,000 square feet. He said the compound, designed as a “modern interpretation of an old Hollywood home,” will include five structures, including two guest houses, a separate screening room and a spa building.

The seller of the $11.75 million property was former Madison Square Garden Chief Executive David O’Connor.

Last year Mr. Rappaport, founder of real-estate brokerage the Westside Estate Agency, traded his Malibu mansion to Canadian billionaire Daryl Katz for $85 million, and also sold his Hollywood Hills home for $26.5 million to Sean Rad, a founder of the dating app Tinder.

Click here to read the full article on the wsj.com.