Daryl Katz, Canadian billionaire and owner of the Edmonton Oilers, just coughed up $120 million USD for the Los Angeles’ most expensive beachfront property. Katz paid $85 million for the house and an additional $35 million for its contents, Huffington Post reports.
The expansive six-acre property includes a modern 22,000 square foot mansion and the longest pool in all of California. The property was also featured in Architectural Digest in 2014, which focused on the home’s numerous works from pronounced artists like Damien Hirst, Ed Ruscha and Sterling Ruby.
The seller, Kurt Rappaport, is one of the most successful real estate agents in L.A. and co-founded Westside Estate Agency.
The buyer, Daryl Katz, made his fortune in the pharmacy business and is the 13th-richest person in Canada. In 2008, he bought the Edmonton Oilers and redeveloped downtown Edmonton, where he also developed Rogers Arena and the surrounding area in a $2.5 billion project dubbed Ice District.