Malibu’s Paradise Cove neighborhood is getting a new resident: billionaire media mogul Byron Allen.
The chairman and CEO of Los Angeles-based Allen Media Group/Entertainment Studios, whose company is valued at more than $4.5 billion and is the largest private media company in the United States, reportedly paid $100 million, the largest amount ever paid by an African-American buyer. in the US The 10,698-square-foot home sits on 3.6 acres above the beach and features eight bedrooms and 12 bathrooms.
Allen will now call WhatsApp co-founder Jan Koum, who owns a nearby $190 million clifftop resort, neighbor. Allen’s new property has been on the market since May and was initially listed for $127.5 million, The Wall Street Journal informed.
The sale of this home, previously owned by Public Storage heiress and billionaire Tammy Hughes Gustavson, is officially recorded as the third most expensive sale in the California real estate market this year and the most expensive of 2022 in Malibu specifically. The Mediterranean-style property has a movie theater, a tennis court, and two guest houses, one of which doubles as a gym and yoga studio. Coldwell Banker Realty’s Jade Mills retained the listing and BT Equities’ Terence Hill represented the buyer, as reported by Land.
Allen, a 61-year-old Detroit native, has a rich personal real estate portfolio. His lavish residences in Los Angeles, New York, Aspen and Maui total more than $500 million. His two Beverly Hills homes, which are next door to each other, are worth a combined $32 million alone.
Through his media and entertainment company, Allen owns television stations affiliated with ABC, NBC, CBS, and FOX, as well as 24-hour HD television networks and various streaming platforms, including The Weather Channel. , HBCU Go, Sports.TV. Comedy.TV and Local Now.
