Byron Allen created a media company without investors at his dining room table in the early 1990s. The former comedian is chairman and CEO of Los Angeles-based Allen Media Group/Entertainment Studios, the largest privately held media company in the US, which is worth well over $4.5 bιllιon and has luxurious offices in New York, Chicago, Atlanta, and Charleston, S.C.
Allen owns many ABC, NBC, CBS, and FOX network affiliate broadcast TV stations and is one of the major independent producers/distributors of first-run syndicated TV content.
Allen’s success lets him pursue his goals. The 61-year-old Detroit native lost to Walmart heir Rоb Walton’s group in the second round of Denver Broncos bidding. He owns more than $500 mιllιon in luxury mansions in New York, Aspen, Maui, and Los Angeles, where he just bought two adjacent homes in one of Beverly Hills’ most desirable neighborhoods for $32 mιllιon. Allen’s latest?
The Wall Street Journal originally reported the $100 mιllιon pᴜrchase of a magnificent Malibu vacation residence once owned by bιllιonaire Public Storage heiress Tammy Hughes Gustavson, the most ever paid by an African-American buyer.
It is also the third-most expensive California home sale in 2022, behind a $120 mιllιon Holmby Hills deal and Bel Air’s “The One” megamansion, which sold at auction for $126 mιllιon.
Allen got a big discount on the $127.5 mιllιon property. Gustavson’s father B. Wayne Hughes, a lifetime USC trustee who co-founded Public Storage in 1972 and died at 87 in August 2021, spent approximately $20 mιllιon for the property in 2003.
The huge estate, commonly known as “Bιllιonaires Bluff,” is on approximately 4 acres overlooking Paradise Cove beach and has over 200 feet of ocean frontage. It’s right south of WhatsApp co-founder Jan Koum’s $190 mιllιon compound. The 2001 Mediterranean-style main house, two guesthouses, and large terraces give magnificent coastal and ocean views.
