Billionaire media mogul Byron Allen snaps up 11,000-square-foot $100 million Malibu mansion

Billionaire media mogul Byron Allen has snapped up a luxurious mansion overlooking the Pacific Ocean for a whopping $100 million — the most ever an African-American in the United States has spent on a home.

The 11,000 square foot property in Malibu’s coveted Paradise Cove enclave sits on a 3.5-acre lot on top of a bluff overlooking the ocean.

It is located directly adjacent to a roughly $190 million property owned by WhatsApp cofounder Jan Koum, and neighbors other famous residents like actress Halle Berry, Kim Kardashian and venture capitalist Marc Andreessen.

It features a large four bedroom house with patios overlooking the ocean and two small guest houses. It also includes a luscious garden, a designated screening room, a tennis court and a gym in one of the guest suites.

Staff quarters with a kitchen are located off the three-car garage, while above the garage there are two guest suites, each with bathrooms and terraces, and one with a kitchenette.

One of the more unusual features for the area is a winding path allowing the homeowner to drive a golf cart or other small vehicle directly down to the beach.

The home was first built in 2001, and was put up for sale back in May by self-storage heiress Tammy Hughes Gustavson, who asked $127.5 million for the compound.

Billionaire media mogul Byron Allen, 61, has purchased a luxurious Malibu mansion for $100 million — the most ever an African American in the United States has spent on a home

Allen started out as a comedian at the age of 14 before founding his own media company in 1993. He is estimated to be worth $4.5 billion

Allen started out as a comedian at the age of 14 before founding his own media company in 1993. He is estimated to be worth $4.5 billion

The listing at the time told prospective buyers they could ‘discover absolute nirvana in this World-Class Oceanfront Estate.’

To get to the main house, it says, homeowners must ‘enter through the private front gate to the long driveway that winds past the tennis court, detached guest house and expansive lawns and leads to the graceful two-story main house.’

‘This gorgeous villa offers a casually elegant style and peaceful ambience with walls of pocketed glass doors throughout that open to large terraces encircling the home and allowing the light-filled interior to integrate with the lush exterior and enveloping ocean vistas,’ Jade Mills, a real estate agent with Coldwell Banker Realty, wrote.

She added that the ‘exceptional oceanfront compound offers the ultimate resort lifestyle located on one of the most incredible bluffs and beaches in the world.’

It was previously owned by Gustavson’s late father, B Wayne Hughes, who bought the mansion for around $20 million in 2003, according to the Wall Street Journal.

He made his fortune as a cofounder of the self-storage giant Public Storage in 1972, and passed away last year.

It is now the highest price paid for a home in Malibu this year, and the most ever an African American has spent on a home. (The previous record was held by Beyonce and Jay-Z, who bought an $88 million compound in Bel-Air in 2017).

Allen, 61, started off as a standup comedian, putting together his first routine at the age of 14 and appearing at amateur comedy clubs throughout the Los Angeles area throughout his teens.  He is pictured here with Skip Stephenson in an undated picture from NBC Universal

Allen, 61, started off as a standup comedian, putting together his first routine at the age of 14 and appearing at amateur comedy clubs throughout the Los Angeles area throughout his teens. He is pictured here with Skip Stephenson in an undated picture from NBC Universal

On his show Entertainers with Byron Allen, he interviewed and profiled movie and television stars.  Allen is pictured here with Brooke Burns at the Comic Unleased party in September 2006

On his show Entertainers with Byron Allen, he interviewed and profiled movie and television stars. Allen is pictured here with Brooke Burns at the Comic Unleased party in September 2006

Allen earned a star on the Hollywood Walk of Fame last year.  He is pictured with John Kelley, CEO of The Recording Academy Harvey Mason Jr., Kevin Frazier, Leron Gubler, Nicole Mihalka, Chair of the Hollywood Chamber of Commerce, and Lupita Sanchez Cornejo

Allen earned a star on the Hollywood Walk of Fame last year. He is pictured with John Kelley, CEO of The Recording Academy Harvey Mason Jr., Kevin Frazier, Leron Gubler, Nicole Mihalka, Chair of the Hollywood Chamber of Commerce, and Lupita Sanchez Cornejo

From child comedian to billionaire: The story of media mogul Byron Allen

Byron Allen, 61, started off as a young standup comedian, putting together his first routine at the age of 14.

His big break came when comedian Jimmie Walker saw Allen’s stand-up act and invited the then 14-year-old to join his comedy writing team alongside Jay Leno and David Letterman.

One of his earliest roles was as a regular television presenter on the NBC reality series Real People, joining the cast at the beginning of the second season in 1979 at the age of 19.

He founded Entertainment Studios one year later with the launch of his series Entertainers with Byron Allen, a weekly, one-hour interview series profiling film and television stars.

By 2009, Allen launched six 24-hour networks: Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV and MyDestination.TV.

The production company also released movies including thriller ’47 Meters Down, Christian Bale’s ‘Hostiles’ and the Ted Kennedy biopic ‘Chappaquiddick.’

In 2018, Entertainment Studios acquired The Weather Channel from NBCUniversal, Bain Capital and Blackstone Inc. for $300 million.

Allen is now estimated to be worth $4.5 billion.

The home is now just Allen’s most recent real estate acquisition. He also owns properties in Aspen, New York, Maui and Beverly Hills.

Allen, 61, started off as a standup comedian, putting together his first routine at the age of 14 and appearing at amateur comedy clubs throughout the Los Angeles area throughout his teens.

His big break came when comedian Jimmie Walker saw Allen’s stand-up act and invited the then 14-year-old to join his comedy writing team alongside Jay Leno and David Letterman.

By the time he was 18, Allen made his television debut on The Tonight Show Starring Johnny Carson, becoming the youngest stand-up comedian on the show – getting paid just $25 a joke.

One of his earliest roles was as a regular television presenter on the NBC reality series Real People, joining the cast in their premiere season in 1980 at the age of 19.

He founded Entertainment Studios in 1993 from his dining room table with the launch of his series Entertainers with Byron Allen, a weekly, one-hour interview series profiling film and television stars.

As the sole owner of the company — he could not find any investors when he began his venture — Allen has since invested $1 billion to buy nearly 30 ABC, NBC, FOX and CBS affiliates throughout the country, and more than $500 million to buy cable networks.

By 2009, he launched six 24-hour networks: Pets.TV, Comedy.TV, Recipe.TV, Cars.TV, ES.TV and MyDestination.TV.

The production company also released movies including thriller ’47 Meters Down, Christian Bale’s ‘Hostiles’ and the Ted Kennedy biopic ‘Chappaquiddick.’

In 2018, Entertainment Studios acquired The Weather Channel from NBCUniversal, Bain Capital and Blackstone Inc. for $300 million.

And in 2019, he partnered with Sinclair Broadcast Group in Diamond Sports Group to acquire the regional Fox Sports Networks, which The Walt Disney Company agreed to sell as a condition of its purchase of 21st Century Fox and Diamond Holding Group rebranded as Bally Sports.

He was recently one of the finalists to buy the Denver Broncos NFL team, but lost to the Walton Penner Group – headed by Walmart heir Rob Walton

Allen earned a star on the Hollywood Walk of Fame last year, and is now estimated to be worth $4.5 billion.

Allen founded Entertainment Studios in 2009 with the launch of his series Entertainers with Byron Allen, a weekly, one-hour interview series profiling film and television stars

Allen founded Entertainment Studios in 2009 with the launch of his series Entertainers with Byron Allen, a weekly, one-hour interview series profiling film and television stars

He recently made headlines for suing McDonald’s for allegedly choosing not to place advertisements on black-owned networks, costing them millions in potential annual revenue.

Allen alleges in the $10 billion racial discrimination lawsuit that despite black people making up 40 percent of the fast food market, McDonald’s relegates black-owned networks to an ‘African American tier’ and allocates them just $5 million – .3 percent – of its $1.6 billion advertising budget.

It was given the green-light to move forward to a trial last month, when Los Angeles US District Judge Fernando Olguin said he felt Allen had the right to try to prove his case, citing allegations that Entertainment Studios had since its 2009 founding tried repeatedly and unsuccessfully to obtain a contract from McDonald’s, whose ‘racist’ corporate culture harmed him.

‘Taken together, and construed in the light most favorable to the plaintiffs, the plaintiffs have alleged sufficient facts to support an inference of intentional discrimination,’ Olguin wrote in his decision.

‘[The decision] has nothing whatsoever to do with the merits of the case, but simply allows Mr. Allen to continue to try, as he has for more than a year now, to substantiate his speculative and conclusory claims,’ Lynch said, ‘We believe the evidence will show that there was no discrimination and that Entertainment Studios’ claims are meritless.’

Allen, in a statement, though, said the case was ‘about economic inclusion of African American-owned businesses in the US economy. McDonald’s takes billions from African American consumers and gives almost nothing back.’

Olguin dismissed an earlier version of Allen’s lawsuit last November, finding no evidence of intentional and purposeful discrimination against his companies.

In May 2021, McDonald’s pledged to boost national ad spending with Black-owned media to 5 percent from 2 percent by 2024.

.

Leave a Comment

Your email address will not be published.