Media mogul Byron Allen recently bought a $100 million Malibu mansion and his purchase is reportedly the most money a Black buyer has paid for a home in the U.S.
According to The Wall Street Journal, the 11,000-square-foot estate was previously owned by billionaire self-storage heir Tammy Hughes Gustavson. She reportedly inherited the property from her late father B. Wayne Hughes, founder and chairman of Public Storage, who purchased it for approximately $20 million in 2003.
“It includes a large four-bedroom house and two small guesthouses,” WSJ reported about the $100 million purchase. “The property [also] 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.”
The roughly 11,000-square-foot home, which sits on a bluff overlooking the Pacific Ocean, was reportedly built around the year 2000 and is located in the highly sought-after Paradise Cove. It was listed for $12.75 million in May and had been on the market until Allen bought it.
The Detroit native’s new residence is just one of several in his impressive real estate portfolio, as he already has properties in New York, Beverly Hills, Aspen, and Maui. His purchase reportedly broke the prior record of the most money paid for a home by an African American buyer, which Beyonce and Jay-Z set. The legendary musicians purchased their famed Bel-Air mansion for $88 million in August 2017.
According to Celebritynetworth.com, Allen reportedly has a net worth of $800 million. He’s best known as a comedian and the head of two companies: American broadcast empire Entertainment Studios and Allen Media Group (AMG). Between both companies, he currently owns 12 cable networks and produces 70 television shows around the U.S. He also reportedly owns The Weather Channel (network not the website).
Allen is married to TV show producer, writer, and actress Jennifer Lucas and the two share three children: Lucas (9), Chloe (14) and Olivia Rose (12).
