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.
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Billionaire media tycoon Byron Allen is moving into the Malibu community of Paradise Cove.
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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.
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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.
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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.
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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.
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