Billionaire Public Storage Heiress Asks $127.5 Million for Paradise Cove Estate

A sprawling compound owned by Public Storage heiress Tammy Hughes Gustavson has hit the market in Malibu. Nestled on a picturesque 3.6-acre blufftop parcel directly overlooking the Paradise Cove beach, and offering more than 200 feet of ocean frontage, the place is asking a substantial $127.5 million, as was first reported by The Wall Street Journal .

Records show the estate was previously owned by Gustavson’s late father B. Wayne Hughes , a lifetime trustee of USC who co-founded Public Storage  in 1972 and died in August 2021 at age 87. Hughes paid just over $20 million back in 2003 for the property, which is showcased by a nearly 11,000-square-foot main house boasting eight bedrooms and 12 baths, plus two guesthouses — all offering sweeping coastline and ocean views via walls of glass and expansive terraces.

The spread rests directly south of two neighboring parcels owned by tech billionaire Jan Koum. The WhatsApp co-founder paid $100 million for NBCUniversal vice chairman Ron Meyer’s home in 2019, and subsequently doled out $87 million to acquire “Real Housewives of Beverly Hills” star Diana Jenkins’ funicular-equipped compound right next door.

Gustavson’s primary residence remains in Lexington, Kentucky, where she owns Spendthrift Farm Spendthrift Farm, the racehorse-breeding ranch that produced 2017 Preakness Stakes winner Cloud Computing. She currently serves on the self-storage company’s board and is a major shareholder; per the Bloomberg Billionaires Index , her net worth is estimated at around $8 billion.

As for her Malibu residence, the Mediterranean-style stucco and terracotta-roof structure is hidden away behind a lengthy 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 outdoors, along with a dining room and movie theater.

A gourmet kitchen equipped with a wraparound island and high-end stainless appliances connects to a breakfast nook that spills out to a covered al fresco dining area. Upstairs, four ensuite bedrooms include a sumptuous master retreat sporting a fireplace, custom walk-in closets and a private terrace, as well as a luxe bath.

In addition to the main home, there’s also the aforementioned pair of guesthouses — one of which rests atop a three-car garage, and comes with two ensuite bedrooms and a kitchenette, and another that’s being used as a gym/yoga studio. Separate staff quarters with a kitchen can be found just off the garage, with the grounds also hosting a tennis court and winding pathway leading down to the beach.

 

 

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