12/04/2017 15:47 EST | Updated 12/05/2017 15:05 EST

Daryl Katz, Canadian Billionaire, Buys L.A.’s Most Expensive Home Ever

Katz's Edmonton Oilers are struggling this season, but the pharma mogul seems to be doing well for himself.

The Edmonton Oilers may be having a rough start to the hockey season, but their owner is about to make L.A.'s most expensive property his home.

Billionaire Daryl Katz has reportedly bought the Los Angeles area's most expensive listing ever, an oceanfront, 22,000-square-foot mansion in the ritzy beachfront community of Malibu.

Westside Estate Agency via Variety

According to reports at Curbed L.A. and TMZ, Katz paid US$120 million (C$152 million) for the six-acre property, of which $85 million was for the house, and $35 million for its contents.

Architectural Digest, which featured the property in 2014, reports the contents of the house include numerous works by artists such as Damien Hirst, Ed Ruscha and Sterling Ruby.

Westside Estate Agency via Variety

To give you an idea of just how opulent this property is: Prior to being put up for sale, it was being rented out for no less than US$750,000 (C$952,000) a month.

Its seller, Kurt Rappaport, is a superstar realtor in the L.A. area and co-founder of Westside Estate Agency.

Westside Estate Agency via Variety

Edmonton native Katz made his fortune in the pharmacy business, buying the struggling Rexall chain in the 1990s and building it into the prominent retailer it is today. Forbes magazine estimates his fortune at US$2.9 billion (C$3.7 billion), making Katz the 13th-richest person in Canada.

In recent years, Katz has focused his efforts on the Oilers, which he bought in 2008, and on the redevelopment of downtown Edmonton. With the city of Edmonton, he developed the Rogers Arena, and is leading the redevelopment of a 25-acre area around the stadium, a $2.5-billion project dubbed the Ice District.

More from HuffPost Canada:

Also on HuffPost: