Billionaire media mogul Byron Allen is now the owner of a $100 million Malibu, California property.
According to The Wall Street Journal, the founder and CEO of Allen Media Group, which owns theGrio, has purchased an opulent estate that Public Storage heir Tammy Hughes Gustavson formerly owned. The purchase price reflects the highest that a Black American has paid for a home in the United States. It is also among the top prices paid for a U.S. home this year.
The Wall Street Journal reported that Coldwell Banker Realty listing agent Jade Mills referred to the Malibu mansion as a “contemporary villa.”
According to The Hollywood Reporter, the Mediterranean-style resort contains two guesthouses — one of which also serves as a gym and yoga studio — a movie theater and a tennis court. There are eight bedrooms and 12 bathrooms. A meandering route on the 3.5 acres allows for a ride in a golf cart or other small vehicle down to the ocean, one of the more unusual features for a Malibu property, The Journal reported.
Constructed around 2000, the home is located in the exclusive Paradise Cove neighborhood and overlooks the Pacific Ocean. It is next to the nearly $190 million estate of Jan Koum, co-founder of WhatsApp.
The property had been for sale since May with an original asking price of $127.5 million. Records show Gustavson’s father — Public Storage Co-founder B. Wayne Hughes — bought it in 2003 for about $20 million. Hughes died last year.
The Malibu mansion is the latest addition to Allen’s expanding real estate portfolio. According to The Reporter, Allen’s homes in Los Angeles, New York, Aspen, Colorado and Maui, Hawaii are valued at more than $500 million. His two Beverly Hills residences, which sit on neighboring estates, are valued at a combined $32 million.
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