Byron Allen, a billionaire, acquires the most expensive home ever purchased by an African American in the United States of America.
The media mogul paid $100M for a property in Paradise Cove, Malibu; this is the most expensive real estate transaction in the neighborhood this year.
Billionaire media tycoon Byron Allen is moving into the Malibu community of Paradise Cove.
The chairman and CEO of Los Angeles-based Allen Media Group / Entertainment Studios, the country’s largest privately held media company with a market valuation of over $4.5 billion, reportedly paid $100 million, the highest amount ever paid by an African American buyer in American history. With eight bedrooms and twelve bathrooms, the 10,698-square-foot mansion is perched on 3.6 acres above the shore.
Allen will now give a call to his neighbor, WhatsApp co-founder Jan Koum, who owns a $190 million compound close on the bluff. According to The Wall Street Journal, Allen’s new property has been for sale since May and was originally advertised at $127.5 million.
This property, which was once held by millionaire and Public Storage heiress Tammy Hughes Gustavson, sold for $3 million, making it the most expensive sale in California real estate this year and the most expensive in Malibu for 2022. The property, designed in a Mediterranean style, features two guesthouses that serve as gyms and yoga studios, a movie theater, and a tennis court. According to Dirt, Terence Hill of BT Equities represented the buyer, while Jade Mills of Coldwell Banker Realty handled the listing.
Allen controls broadcast TV stations that are affiliates of the ABC, NBC, CBS, and FOX networks, in addition to 24-hour HD TV networks and a number of streaming services, including HBCU and The Weather Channel. Proceed to Local Now, Comedy.TV, Sports.TV.