When Jay-Z and Beyoncé broke a California report by dropping $200 million on a Malibu mansion final 12 months, a well-known title was entrance and heart on the deal: Kurt Rappaport.
The 53-year-old actual property energy dealer represented each the patrons and the sellers within the historic sale — an accomplishment in itself that probably pocketed him a number of million {dollars} in commissions. However at this level, it will be stranger if Rappaport hadn’t been concerned within the transaction. He’s dealt with seven of the ten costliest house gross sales in California historical past, and the $200-million deal eclipsed the earlier excessive of $177 million, which he had set two years prior.
Southern California’s actual property scene is among the most profitable on the earth, and it’s positively probably the most public. Thousands and thousands of individuals monitor who’s shopping for what, the place, how a lot they paid, what number of bedrooms, and the way huge the pool is. Within the age of social media, “home porn” is its personal business.
Rappaport, a Los Angeles native, sits atop all of it. In his function as Southern California’s premier actual property agent, he serves as a matchmaker of kinds, taking a few of the wealthiest and most well-known individuals on the planet and guiding them to particular properties or neighborhoods.
He additionally strikes markets. Take Malibu, which Rappaport and his most prolific shopper, Oracle co-founder Larry Ellison, have reworked into one of the costly markets on Earth during the last twenty years by shopping for dozens of properties and creating one-of-a-kind trophy houses that promote for report sums.
As Southern California’s premier actual property agent, he serves as a matchmaker of kinds.
Rappaport’s different purchasers have included David Geffen, Brad Pitt, Ellen DeGeneres, Ryan Seacrest and Tom Brady, amongst many, many others. Final 12 months at his French-style manor in Brentwood Park, he hosted President Biden for a roundtable assembly with California mega-donors to debate wars, divisiveness and methods to enhance the nation.
Via a relentless move of emails and texts, he has the ear of just about each noteworthy individual seeking to purchase or promote a house round L.A., and he holds loads of affect over what and the place they store. Billions in gross sales interprets to thousands and thousands in taxes for native governments, so whether or not a neighborhood is scorching or chilly can have a monumental influence.
Like high quality artwork, a house is barely price what somebody pays for it, and Rappaport helps dictate what that quantity is. When the following report is ready — when a billionaire pays $250 million, $300 million or $500 million for one in all Southern California’s most interesting estates — Rappaport will probably be the one behind the deal.
