MALIBU—Canadian billionaire Daryl Katz recently purchased a property owned by Westside real estate agent Kurt Rappaport for $85 million. The off-market transaction is tied for the most expensive residential sale ever recorded in the city of Malibu.

The purchase was facilitated through a corporate entity affiliated with Katz, an investor and the owner of the National Hockey League Edmonton Oilers team. He purchased the hockey team in 2008 for close to $200 million. According to the Los Angeles Times, tax records for the estate are being mailed to Katz’ Los Angeles attorney, Dennis Roach.

The property is 22,000 square feet and is located near Pepperdine University. The home features black granite tile and concrete wells, as well as floor-to-ceiling windows aimed at the coastline. The home was built in 2012 and has six bedrooms and seven bathrooms, in addition to two guest suites and an infinity-edge swimming pool.

He has previous experience in the high-end Los Angeles real estate market, having purchased the Art Linkletter estate in Bel-Air in 2015 for $34.5 million. Katz earned his law degree from the University of Alberta in 1985. He started his own practice with a focus on franchise and corporate law. He purchased the rights for the United States based Medicine Shoppe in 1991, and founded the Katz Group of Companies in 1992. He has a net worth of $3.5 billion.

Written By Dylan Gera and Donald Roberts