Source: David Livingston / Getty
Billionaire media mogul Byron Allen has made history with his most recent real estate purchase.
This week, the Allen Media Group CEO dropped a whopping $100 million on a lavish oceanfront property in Malibu. Now, the media tycoon has become the first African American buyer to spend this level of cash on a real estate property in the U.S. Before earning the historic title, Beyoncé and Jay-Z reportedly held the record. In 2017, the superstar couple spent $88 million on their massive mansion in Bel-Air.
Here’s what Byron Allen’s lavish oceanfront property includes
Allen’s sprawling 3.6-acre home boasts eight bedrooms and 12 bathrooms. It comes locked and loaded with a ton of amenities too, including a home theater, tennis court, gym, and yoga studio. The entertainment titan, whose company is valued at an astounding $4.5 billion, will get to enjoy breathtaking views of the Pacific Ocean and a cozy fireplace that sits smack dab in the middle of his primary suite. He’s got access to his own private beach, a terrace, and large custom walk-in closets too, according to TMZ.
The Hollywood Reporter noted that the gorgeous property was formally owned by Public Storage heiress and billionaire Tammy Hughes Gustavson. Allen’s recent purchase is the “third most expensive sale in California’s real estate market this year and the most expensive of 2022 in Malibu specifically.”
This is just the icing on the cake for the 61-year-old Detroit native, who already has an impressive real estate portfolio. The famous businessman owns luxury residences in Los Angeles, New York, Aspen, and Maui totaling more than $500 million. He also owns two homes in Beverly Hills, which sit right next door to one another. Both are worth a combined $32 million alone. Reports say Allen’s 10,698-square-foot home will be just a hop and a skip away from WhatsApp co-founder Jan Koum, who owns a $190 million compound in the same neighborhood. Talk about leveling up!
Who is Byron Allen?
Byron Allen broke into the media world as a comic in his teenage years. The passionate star cut his teeth performing at comedy clubs around the Los Angeles area until comedian Jimmie Walker discovered him one night during a stand-up show. Walker was so impressed by Allen’s performance, that he asked him to join his comedy writing team alongside promising young comics Jay Leno and David Letterman, according to his IMDB page.
Allen took off in the TV world after he launched his first series Entertainers with Byron Allen in 1993. That same year, he founded his iconic media company Entertainment Studios. After years of success in the industry, Allen and his company purchased The Weather Channel in 2018 for a whopping $300 million. Now, through his company, the talented media businessman owns ABC, NBC, CBS, and a ton of FOX network affiliate broadcast TV stations.
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