Media Mogul

Malibu Beach House That Byron Allen Paid $100 Million For Sold

Both multimillion-dollar houses in one of Beverly Hills’ most sought-after areas have been acquired at the same time by Byron Allen, according to property records. The former comedian-turned-media mogul secured more than $80 million in financing to build a 24,000-square-foot megamansion only down the street from his collection of luxury homes in New York, Aspen, and Maui shortly after acquiring both properties, according to property records.

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Byron Allen’s $100 Million Malibu Mansion

The late B. Wayne Hughes’ daughter, “Tammy” Tamara Gustavson, and her husband Eric just sold their new Malibu mansion to Byron Allen.

B. Wayne Hughes started small, with one self-storage facility in El Cajon, California back in 1972. He then bought a second, and soon enough another after that. His company, Public Storage is now the leading self-storage provider in the United States – all thanks to his dedication and continual growth mindset.. All of this expansion has led to quite the market capitalization for his firm (NYSE: PSA) which currently rests at $50 billion. Just one year ago though, it was valued around $85 billion!

B. Wayne Hughes was Kentucky’s wealthiest individual throughout his adult life. In 2003, Hughes spent $20 million for a clifftop mansion on 3.6 acres in Malibu, California.

Tammy won the case, and she received all of her father’s PSA shares. Due to a lack of viable alternatives, his leg was amputated. In 2021, he died after a long illness. His death devastated the entire family since he was their sole breadwinner. Tammy and Bradley Jr.’s only surviving child is Bradley Junior. She was named the main heir regardless of why it occurred. Despite serving as directors on Public Storage’s board of directors, Tammy got the majority of their late father’s PSA holdings due to a loophole in the will that she discovered when writing her thesis paper at Harvard University in 2020. She owns over 10% of Public Storage today, which adds up to $10 billion in assets for her alone. She is currently Public Storage’ s largest shareholder with around 10% ownership stake – worth approximately $10 billion total

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In May 2022, Tammy Hughes Gustavson and her husband Eric will be selling their mansion in Malibu for $127.5 million. The couple had acquired the estate in addition to their Public Storage enterprise.

As you can see in the video below, Tammy and Eric have recently accepted Byron Allen’s $100 million offer for their home, which is an incredibly magnificent residence.

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