A sprawling complex owned by Public Storage heiress Tammy Hughes Gustavson has hit the market in Malibu. Nestled on a scenic 3.6-acre clifftop parcel directly overlooking Paradise Cove Beach and boasting over 200 feet of ocean frontage, the place is asking for $127.5 million, as it has was first reported by The Wall Street Journal.
Records show the estate was previously owned by Gustavson’s late father B. Wayne Hugheslife trustee of USC who co-founded public storage in 1972 and died in August 2021 at the age of 87. Hughes paid just over $20 million in 2003 for the property, which is featured by a nearly 11,000 square foot main house with eight bedrooms and 12 bathrooms, plus two guest houses – all with views unobstructed views of the coast and ocean via glass walls and expansive terraces.
The spread lies directly south of two neighboring plots owned by tech billionaire Jan Koum. The WhatsApp co-founder paid $100 million for NBCUniversal vice president Ron Meyer’s home in 2019, then doled out $87 million to acquire the funicular-equipped resort from the ‘Real’ star. Housewives of Beverly Hills,” Diana Jenkins, next door.
Gustavson’s primary residence remains in Lexington, Kentucky, where she owns spending farm, the racehorse ranch that produced 2017 Preakness Stakes winner Cloud Computing. She currently sits on the self-storage company’s board of directors and is a major shareholder. speak Bloomberg Billionaires Indexhis net worth is estimated to be around $8 billion.
As for his residence in Malibu, the Mediterranean-style stucco and terra-cotta structure is hidden behind a long gated driveway and was built in 2001. A formal foyer flows into the two-story main house, which is highlighted by a formal living room sporting a floor-to-ceiling fireplace, built-in bookshelves and two sets of French doors opening to the outside, as well as a dining room and cinema room.
A gourmet kitchen outfitted with a wrap-around island and high-end stainless steel appliances connects to a breakfast nook that spills out into a covered alfresco dining area. Upstairs, four en-suite bedrooms include a sumptuous master retreat sporting a fireplace, custom walk-in closets and private terrace, plus a luxury bathroom.
In addition to the main house, there are also the aforementioned pair of guest houses – one of which sits on a three-car garage and has two en-suite bedrooms and a kitchenette, and another which is used as a gym/yoga room. Separate staff quarters with a kitchen are located just off the garage, with the grounds also housing a tennis court and a winding path down to the beach.
The listing is held by jade mills of Coldwell Banker Realty.