Byron Allen, a billionaire, bought the most expensive home ever by an African American in the United States.
The media mogul paid $100M for a house in Malibu’s Paradise Cove. It was the most expensive home sale in the area this year.
The media magnate Byron Allen, who is worth a billion dollars, is going to have a new home in the Paradise Cove district of Malibu.
According to reports, the chairman and CEO of Allen Media Group / Entertainment Studios, which is situated in Los Angeles and has a corporation that is valued at more than $4.5 billion and is the largest privately held media company in the United States, paid $100 million. This amount is the highest amount ever paid by an African American buyer in the United States. The mansion, which is 10,698 square feet in size and is situated on 3.6 acres of land above the ocean, has a total of eight bedrooms and twelve bathrooms.
The next person that Allen will call a neighbor is Jan Koum, who is the co-founder of WhatsApp and the owner of an adjacent $190 million compound on the bluff. The new home that Allen has purchased has been on the market since the month of May, and according to The Wall Street Journal, it was first advertised for a price of $127.5 million.
The sale of this home, which was once owned by Tammy Hughes Gustavson, an heiress to Public Storage and a billionaire, officially ranks as the third most expensive sale in the real estate market of California this year. Furthermore, it is the most expensive sale of 2022 in Malibu specifically. One of the guesthouses on the property, which is designed in a Mediterranean style, also functions as a gym and a yoga studio. The resort also features a tennis court and a movie theater. In accordance with the information provided by Dirt, the listing was held by Jade Mills of Coldwell Banker Realty, and Terence Hill of BT Equities represented the buyer.
Through his media and entertainment organization, Allen is the owner of broadcast television stations that are affiliated with the ABC, NBC, CBS, and FOX networks. Additionally, he owns 24-hour high-definition television networks and a variety of streaming services, such as The Weather Channel and HBCU. In addition to Go, Sports.TV, Comedy.TV, and Local Now.