Media mogul Byron Allen is building a mega condominium in Beverly Hills After securing over $ 80 million in funding, it was added to the collection of luxury homes from New York to Aspen and Maui.
The CEO of entertainment studio, who started show business as a comedian when he was still a teenager, submitted plans to build a 24,000-square-foot mansion on 1115 Calle Vista Drive.
Records show that Allen received a $ 37.8 million mortgage loan from Bank of America for 18 years and landed a $ 45 million loan facility for a project that matures in 2024. Allen signed the loan document.
He wants to demolish the existing 12,000-square-foot structure on the premises and build a two-story house with a bowling alley, an underground theater, a gym, and a garage of six cars. Neither Allen nor the spokesperson returned an email or phone call for comment.
“I’ve never heard of a larger mortgage,” said Ira Melzer, who arranged the loan but refused to verify the identity of the borrower. Melzer runs a $ 1 million plus for high net worth individuals, he said. “This is more than Beyonce or Jay-Z.” $ 52 million A loan that a power couple borrowed from Bel Air’s mansion a few years ago.
Allen’s financing was based on the future value of the asset, Melzer said. When the project was completed, he estimated it was worth $ 150 million.
Jonathan Miller, an appraiser at Miller Samuel, said: 20,000-square-foot Beverly Hills mansion by spec developer Nile Nami in November $ 38 million — Significant drop from the original $ 100 million asking price.
However, Allen’s house will not be on the market once it is completed. The new mortgage stipulates that he must live there for at least one year after the construction is completed. Melzer confirmed that his client did not plan to put the house up for sale and would keep it as his main residence.
Since 2016, LA homes, which have sold for more than $ 100 million, average about 6 acres and 24,000 square feet, according to Miller. Allen’s planned home meets average size, but the property is just over an acre.
Allen initially purchased the property in 2012 for $ 17 million. Records show that it is now next to a home owned by Apollo Global Management CEO Leon Black. Since then, he has bought millions of dollars in homes in Aspen and Maui, and a super-luxury unit of the Bornado Realty Trust. 220 Central Park South New York Condominium Tower.
Allen’s real estate purchases have been diminished by acquisitions made by his media company. In 2018, Entertainment Studios acquired The Weather Channel for $ 300 million, and last month one of his companies, Allen Media, purchased seven television stations. $ 380 million..
Allen, who moved to LA from Detroit at the age of seven, was active in show business. He wrote a joke on the TV show “Good Times” and starred in “The Tonight Show with Johnny Carson”, highlighting one of the earliest reality shows, “Real People.” His routine included a joke about the value of money.
“I love old men, but I never ask for money,” he said at the Tonight Show at the age of 18. “Grandaddy, can you get a quarter of an ice lolly?” And he said, “Quarter? For popsicles? I once bought a quarter of a 20-room house.”
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