Media mogul Byron Allen just keeps surprising us. He recently purchased a Malibu home for $100 million. According to The Wall Street Journal, his purchase is the greatest sum ever paid for a home in the United States by a Black American.
Allen began his career as a standup comedian and was discovered by fellow comic Jimmy Walker. After making his debut on “The Tonight Show Starring Johnny Carson,” Allen went on to co-host the contest show “Real People.” This experience led Allen to learn about the production process and business side of entertainment. And by 1993, Allen launched a media company, Entertainment Studios, with no investors. Today, his company has morphed into Allen Media Group Entertainment Studios. Based out of Los Angeles, it is the largest privately held media company in the United States. The company owns several ABC, NBC, CBS, and FOX affiliate broadcast stations and 24-hour HD TV networks. The company is valued at more than $4.5 billion, and Allen has a current net worth of $800 million.
On Top of Billionaire’s Bluff
Allen’s most recent real estate acquisition is the highest residential transaction in Malibu in 2022. The purchase is trumping Kim Kardashian’s $70.4 million purchase of Encinal Bluffs in September.
The property was originally placed on the market for $127.5 million, but Allen’s purchase price was significantly lower. However, the sale is more than $20 million than the previous owner, Wayne Huges, co-founder of Public Storage, paid in 2003.
The compound is almost four acres and overlooks the Paradise Cove beach. Situated at the top of “Billionaires Bluff,” the property was built in 2001. The Mediterranean-style home is almost 11,000 square feet. Featuring eight bedrooms and twelve bathrooms, and two guest houses, the home boasts glass walls allowing Allen an exclusive view of the coastline.
Real Estate Portfolio
Allen is an admitted real estate junkie with a portfolio that includes more than $500 million in luxury residences in New York, Aspen, Maui, and Los Angeles.
In March, Allen purchased two side-by-side homes in Beverly Hills using a $37.8 million mortgage from Bank of America to purchase a $22.5 million contemporary mansion and another $9.5 million for a Tudor-style home next door.
In addition, he is also building a 24,000-square-foot mega mansion in the same neighborhood that is expected to be finished in 2024. The home will include an underground theater, bowling alley, gym, and six-car garage.