Canadian Billionaire Daryl Katz Set to Buy Most Expensive Home In L.A. History

Katz, who owns the NHL's Edmonton Oilers, is in escrow on a beachfront Malibu home for around $120 million.

Malibu is on the cusp of becoming home to the largest residential real estate deal in Los Angeles' history.

Canadian investor and Edmonton Oilers owner Daryl Katz — who is also an investor in Joel Silver’s production company — is in escrow on a deal to purchase a Malibu beach house for around $120 million, according to a source with knowledge of the deal. The seller is real estate agent Kurt Rappaport, who is a co-founder of the Westside Estate Agency.

The off-market deal easily topples the previous record that was held by the $100 million sale of the Playboy Mansion last year. The $120 million figure includes the sale of the three-year-old Scott Mitchell-designed home believed to be around $85 million, plus an additional $35 million for the contents of the home located at 25040 Pacific Coast Highway.

News of the sale was first reported by TMZ. Calls to Rappaport seeking comment were not returned.

Rappaport had previously been renting out the house for $750,000 per month. The seven-bedroom, 10-bathroom home sits on a six-acre lot and has a screening room, a gym and an oceanfront swimming pool.

In 2015, the 55-year-old billionaire Katz, who is CEO of the Katz Group of Companies, made an undisclosed investment in Silver's company.