Byron Allen, a billionaire, established a new record by purchasing the most expensive home ever purchased by an African American in the United States.
A home in Malibu’s Paradise Cove was purchased by the media mogul for a price of one hundred million dollars, making it the most expensive real estate transaction in the region this year.
A new person is moving into Malibu’s Paradise Cove neighborhood: Byron Allen, a wealthy media mogul.
The chairman and CEO of Los Angeles-based Allen Media Group / Entertainment Studios allegedly paid $100 million. This is the most money that an African American buyer in the U.S. has ever paid for a business. Allen Media Group / Entertainment Studios is the biggest privately held media company in the U.S. and is worth more than $4.5 billion. The house is 10,698 square feet and is on 3.6 acres of land above the beach. It has 12 bathrooms and 8 bedrooms
Allen is now going to call Jan Koum, co-founder of WhatsApp, a neighbor. Koum owns a $190 million compound on the hill nearby. The Wall Street Journal said Allen’s new home has been on the market since May and was first listed for $127.5 million.
The sale of this house, which was once owned by Tammy Hughes Gustavson, an heiress to the Public Storage fortune and a billionaire, is the third most expensive sale in California this year and the most expensive sale in Malibu in 2022. The property is designed in the style of the Mediterranean and has a movie theater, a tennis court, and two guesthouses. One of the guesthouses is also a gym and a yoga classroom. A story from Dirt said that the buyer was represented by Terence Hill of BT Equities and the listing agent was Jade Mills of Coldwell Banker Realty.
Allen, who was born in Detroit and is 61 years old, has a lot of real estate investments. His expensive homes in New York, Los Angeles, Aspen, and Maui are worth a total of more than $500 million. Together, his two homes in Beverly Hills, which are right next to each other, are worth $32 million.
Allen owns TV stations that are affiliated with the ABC, NBC, CBS, and FOX networks through his media and entertainment company. He also owns 24-hour HD TV networks and streaming services like The Weather Channel and HBCU. Check out Go, Sports.TV, Comedy.TV, and Local Now.