LA's Highest Property Taxes: 25040 Pacific Coast Highway

By on January 15, 2020 in ArticlesBillionaire News

This home located on the Pacific Coast Highway just north of Pepperdine University in Malibu is a concrete behemoth that really doesn't look like it belongs so close to the beach. It is a minimalist mansion that looks like something out of Blade Runner. The 9,000-square-foot, six bedroom, seven bathroom home sits on nearly six acres Pacific Coast Highway. It has a 168-foot infinity pool. The estate was built in 2012 for celebrity real estate agent Kurt Rappaport. In 2018, it sold to Edmonton Oilers owner Daryl Katz for $85 million. This home carries an annual property tax bill of $1.01 million.

Daryl Katz is a Canadian businessman with a net worth of $3.5 billion. He made his fortune as chairman and CEO of Canada's biggest drug store company, The Katz Group. He is also the owner of Canada's only mail order pharmacy, Meditrust Pharmacy, Inc.. He is one of the richest people in Canada. He bought the Oilers in 2008 for $200 million after several unsuccessful attempts. In 2015, Katz got into the film industry when he partnered with producer Joel Silver to form Silver Pictures Entertainment.

Sources close to the deal revealed that Katz paid an additional $21 million for the estate's furniture and artwork. The $85 million price reflects the total price including furnishings. The minimalist concrete and granite mansion was designed to highlight ocean views.

This isn't Katz's first foray into the high-end real estate market of Los Angeles. In 2015, he paid $34.5 million for a Bel Air estate that once belonged to Art Linkletter. In 2016, he bought a nearby home that was once owned by Groucho Marx's son Arthur for $9.1 million.

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