Malibu Mansion Sells For $100 Million to Billionaire Media Mogul

From a Wall Street Journal story by Katherine Clarke headlined “Malibu Mansion Sells For $100 Million to Billionaire Media Mogul”:

Billionaire media mogul Byron Allen has paid $100 million for a Malibu estate formerly owned by self-storage billionaire Tammy Hughes Gustavson. The deal represents the most ever paid for a home by an African-American buyer in the U.S. and is one of the highest prices paid for a U.S. home this year.

The roughly 11,000-square-foot compound, built around 2000 and located in the sought-after Paradise Cove enclave, has been on the market since May, when it was listed for $127.5 million, The Wall Street Journal reported. It sits on about 3.5 acres on a bluff overlooking the Pacific Ocean and is directly adjacent to a roughly $190 million compound owned by WhatsApp co-founder Jan Koum.

The property is the latest in Mr. Allen’s growing real-estate portfolio, which includes trophy residences in AspenNew York, Maui and Beverly Hills. Mr. Allen, who started out as a comedian, is the founder and chief executive of Entertainment Studios/Allen Media Group, one of the nation’s largest privately held media companies, which owns the Weather Channel. His company owns 12 cable networks and roughly 70 television shows as well as close to 30 ABC, NBC, CBS and Fox affiliates across the country.

The Malibu estate was formerly owned by Ms. Gustavson’s late father, B. Wayne Hughes, who co-founded self-storage giant Public Storage in 1972 and died in 2021. Records show Mr. Hughes paid around $20 million for the property in 2003.At the time the listing came on the market, listing agent Jade Mills of Coldwell Banker Realty described the property as a “contemporary villa.” It includes a large four-bedroom house and two small guesthouses. The property includes a screening room, a dining room and large terraces. One of the more unusual elements for Malibu: a winding path allowing the owner to drive a golf cart or small vehicle down to the beach.

Mr. Allen’s purchase is the latest major transaction for Malibu, which has logged a string of big-ticket deals over the past few years. Since October 2021, venture capitalist Marc Andreessen and his wife, Laura Arrillaga-Andreessen, have bought three separate Malibu homes for a combined $255.5 million. Reality television star Kim Kardashian also recently paid about $70 million for a nearby property formerly owned by Cindy Crawford and Rande Gerber.

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