In the early 1990s, Byron Allen launched his media company from his dining room table without any investors. Today, the former comedian serves as the chairman and CEO of Allen Media Group/Entertainment Studios, which is the largest privately owned media firm in the U.S. and is reportedly valued at over $4.5 billion. The company boasts luxurious offices in New York, Chicago, Atlanta, and Charleston, South Carolina.
Allen is a major player in the independent production and distribution of first-run syndicated TV programming, and he also owns multiple broadcast TV stations affiliated with ABC, NBC, CBS, and FOX.
His success has allowed him to pursue various ventures. The Detroit native was a finalist in the bidding for the NFL’s Denver Broncos but ultimately lost to a group led by Walmart heir Rob Walton. Allen’s real estate portfolio is valued at over $500 million and includes luxury properties in locations like New York, Aspen, Maui, and Los Angeles, where he recently acquired two adjacent homes in one of Beverly Hills’ most sought-after neighborhoods for a total of $32 million.
Allen’s most recent acquisition is a stunning Malibu vacation home, formerly owned by billionaire Tammy Hughes Gustavson of Public Storage, which he purchased for $100 million. This purchase marks the highest amount ever paid for a home in the U.S. by an African-American buyer, as reported by The Wall Street Journal.
This sale also makes it the priciest residential transaction in Malibu this year, surpassing Kim Kardashian’s $70.4 million acquisition of Cindy Crawford and Rande Gerber’s previous oceanfront property on the Encinal Bluffs last month. Furthermore, it ranks as the third-most expensive home sale in California for 2022, following a $120 million sale in Holmby Hills and the infamous “The One” megamansion in Bel Air, which sold for $126 million at auction.
Originally listed at $127.5 million, Allen negotiated a significant discount on the property. In 2003, Gustavson’s late father, B. Wayne Hughes, a co-founder of Public Storage and a USC trustee, purchased the estate for nearly $20 million.
Located on what is often called “Billionaires Bluff,” this expansive compound spans nearly 4 acres and overlooks Paradise Cove beach, boasting more than 200 feet of oceanfront. It is situated just south of a compound valued at around $190 million, owned by WhatsApp co-founder Jan Koum. Completed in 2001, the property features a Mediterranean-style main house with eight bedrooms and 12 bathrooms spread across nearly 11,000 square feet, along with two guesthouses. All structures provide sweeping views of the coastline and ocean through expansive glass walls and terraces.
