Low Key Media Mogul Byron Allen Pays $100 Million For Extremely Prestigious Malibu Property

Two multimillion-dollar properties in one of the most desired areas in Beverly Hills have been purchased simultaneously. Both properties were acquired by Byron Allen, according to property records, shortly after the former comedian-turned-media mogul secured more than $80 million in financing to build a 24,000-square-foot megamansion just down the street, adding to his collection of luxury homes in New York, Aspen, and Maui.

Byron Allen's $100 Million Malibu Mansion

Tamara and Eric Gustavson sold the new mansion in Malibu to Byron Allen. Tamara, better known by her nickname “Tammy,” is the daughter of the late B. Wayne Hughes.

B. Wayne Hughes purchased a self-storage facility in El Cajon, California, in 1972. He then purchased a second. And yet another His company, Public Storage, is the largest self-storage provider in the United States, with over 2,400 facilities. The market capitalization of the publicly traded firm (NYSE: PSA) is $50 billion. A year ago, Public Storage's market capitalization was approximately $85 billion.

Throughout the majority of his adult life, B. Wayne Hughes was the wealthiest person in Kentucky. Hughes paid $20 million in 2003 for a clifftop mansion on 3.6 acres in Malibu, California.

Hughes passed away in August of 2021. Tammy and Bradley Jr. were his only surviving children. Regardless of the rationale, Tammy was named the major heir. Although both serve as directors on Public Storage's board of directors, Tammy received the majority of their deceased father's PSA shares. She owns around 10% of Public Storage, giving her a $10 billion fortune. She is the largest individual shareholder in the corporation.

Tammy Hughes Gustavson and her husband Eric acquired a mansion in Malibu in addition to the Public Storage enterprise. Tammy and Eric offered the mansion for sale for $127.5 million in May 2022.

Tammy and Eric have recently accepted Byron Allen's $100 million offer, according to the Wall Street Journal. As you can see in the video below, the residence is incredibly magnificent. In direct opposition to “low key.”