Byron Allen; Billionaire; Allen Media Group
Malibu’s Paradise Cove neighborhood is getting a new resident: billionaire media mogul Byron Allen.
The Los Angeles-based Allen Media Group / Entertainment Studios chairman and CEO, whose company is valued at more than $4.5 billion and is the largest privately held media company in the United States, reportedly paid $100 million — the most ever for an African American buyer in the U.S. The 10,698-square-foot home sits on 3.6 acres above the beach and boasts eight bedrooms and 12 bathrooms.
Allen will now call WhatsApp co-founder Jan Koum, who owns a nearby $190 million compound on the bluff, a neighbor. Allen’s new property has been on the market since May and was initially listed for $127.5 million, The Wall Street Journal reported.