Owner Daryl Katz of the Edmonton Oilers attends the 2013 NHL Draft at Prudential Center on June 30, 2013 in Newark, New Jersey. (Photo by Dave Sandford/NHLI via Getty Images)

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Canadian Billionaire Buys L.A. Mansion for Record $120 Million

Edmonton Oilers owner lands 15,000-square-foot Malibu beach compound for cost of a sports team.

The owner of the Edmonton Oilers has struck gold in the California real estate market.

Daryl Katz bought a 15,000 dream home on a bluff overlooking the ocean in Malibu for $120 million, a Los Angeles county record, The New York Post reported. That hefty price for the seven-bedroom, 10-bathroom mansion obliterated the previous record of $85 million for David Geffen’s Malibu compound.

Katz purchased the compound from previous owner Kurt Rappaport, the co-founder and CEO of Beverly Hills-based Westside Estate Agency. Rappaport bought the patch of Malibu land for $6.8 million in 2006 and finished building the sprawling home six years later. Among the amenities are a 168-foot-long infinity pool, a gym and a screening room.

Read the Full Story at The New York Post