Billionaire Byron Allen bought the most expensive home ever by an African American in the United States.A media mogul paid $100M for a house in Malibu’s Paradise Cove.
It was the most expensive home sale in the area this year.
Malibu’s Paradise Cove neighborhood is getting a new resident: billionaire media mogul Byron Allen.
The Los Angeles-based Allen Media Group / Entertainment Studios chairman and CEO, whose company is valued at more than $4.5 billion and is the largest privately held media company in the United States, reportedly paid $100 million — the most ever for an African American buyer in the U.S. The 10,698-square-foot home sits on 3.6 acres above the beach and boasts eight bedrooms and 12 bathrooms.
Allen will now call WhatsApp co-founder Jan Koum, who owns a nearby $190 million compound on the bluff, a neighbor. Allen’s new property has been on the market since May and was initially listed for $127.5 million, The Wall Street Journal reported.
The sale of this home, which was formerly owned by Public Storage heiress and billionaire Tammy Hughes Gustavson, officially clocks in as the third most expensive sale in California’s real estate market this year and the most expensive of 2022 in Malibu specifically. The Mediterranean-style property has a movie theater, tennis court and two guesthouses, one of which doubles as a gym and yoga studio. Jade Mills of Coldwell Banker Realty held the listing and Terence Hill of BT Equities repped the buyer, as reported by Dirt.
Through his media and entertainment company, Allen owns ABC, NBC, CBS and FOX network affiliate broadcast TV stations, as well as 24-hour HD TV networks and various streaming platforms, like The Weather Channel, HBCU Go, Sports.TV. Comedy.TV and Local Now.