Home News Malibu Mansion Sells For $100 Million to Billionaire Media Mogul

Malibu Mansion Sells For $100 Million to Billionaire Media Mogul

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Billionaire media mogul Byron Allen paid $100 million for a Malibu property once owned by self-storage billionaire Tammy Hughes Gustafson, according to people familiar with the matter. The deal is the highest ever paid for a home by an African-American buyer in the United States, and he is one of the highest paid for a home in the United States this year.

Built around the year 2000 and located on the popular Paradise Cove enclave, the nearly 11,000-square-foot site has been on the market since May when it went public for $127.5 million. The Wall Street Journal reported. It sits on approximately 3.5 acres on a cliff overlooking the Pacific Ocean and is adjacent to an approximately $190 million property. Owned by WhatsApp co-founder Jan Koum.

The property is the latest in Allen’s growing real estate portfolio. Aspen, New YorkMaui, Beverly Hills, according to people familiar with the property. Allen, who began his career as a comedian, is the founder and CEO of Entertainment Studios/Allen His Media, one of the largest privately held media companies in the United States, where he owns his channel. is. His company operates 12 cable networks and about 70 TV shows, as well as nearly 30 of his ABC, NBC,

CBS

Fox affiliates nationwide.

Mr. Allen is the founder and CEO of Entertainment Studios/Allen Media Group.


Photo:

David Swanson/Reuters

The Malibu estate was previously owned by Gustafson’s late father, B. Wayne Hughes. public storage Died in 1972, died in 2021. Records show that Hughes paid about $20 million for the property in his 2003 year.

When the listing hit the market, Caldwell Bunker Realty listing agent Jade Mills described the property as a “contemporary villa.” A large four-bedroom house and he has two smaller guesthouses. The grounds include a screening room, a dining room and a large terrace. His one of Malibu’s rarer elements is a winding path where the owner can drive his golf cart or small car to the beach.

The property has a large terrace.


Photo:

Adrian Annes

Allen’s acquisition is the latest major deal for Malibu, which has recorded a string of high-value deals over the past few years. Ventures since October 2021, his capitalist Marc Andreessen and his wife Laura Aliragha Andreessen 3 separate Malibu homes For example, $255.5 million combined. Reality TV star Kim Kardashian also recently paid about $70 million for a nearby property previously owned by Cindy Crawford and Randy Gerber, according to a person familiar with the deal.

Mr. Mills represented Mr. Gustavson in the sale. The buyer’s agent was Terence Hill, an in-house agent in Mr. Allen’s family’s office, BT Equities. Mills and Hill could not be reached for comment.

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