Media mogul Byron Allen has made history as the first African American to spend the most money on a home in the United States. The previous record was held by Beyonce and Jay-Z, who bought an $88 million compound in Bel-Air in 2017.
The 61-year-old reportedly paid $100 million for a 10,698-square-foot home that sits on 3.6 acres above the beach and boasts eight bedrooms and 12 bathrooms.
The mansion has a movie theater, tennis court and two guesthouses. One of the guest houses doubles as a gym and a yoga studio. Also, the primary suite has its own fireplace, bathroom, custom walk-in closets and private terrace.
The Mediterranean-style property clocks in as the third most expensive sale in California’s real estate market this year and the most expensive of 2022 in Malibu specifically.
The property, which was built in 1991, was formerly owned by Public Storage heiress and billionaire Tammy Hughes Gustavson. According to the Wall Street Journal, Gustavson’s late father, B Wayne Hughes, once bought the property for around $ 20 million in 2003.
According to Mail Online, the property is located directly adjacent to property owned by WhatsApp co-founder Jan Koum valued at roughly $190million. In addition to Koum, Allen’s neighbors also include actress Halle Berry, Kim Kardashian and venture capitalist Marc Andreessen.
Allen, a Detroit native, has a bountiful real estate portfolio. He reportedly owns luxury residences in Los Angeles, New York, Aspen and Maui which have a combined value of $500 million. In addition, he owns two Beverly Hills homes worth a combined $32 million alone.
The billionaire TV mogul owns ABC, NBC, CBS and FOX network affiliate broadcast TV stations through his media and entertainment company. He also owns 24-hour HD TV networks and various streaming platforms, like The Weather Channel, HBCU Go, Sports.TV., Comedy.TV and Local Now.