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Self-Storage Billionaire Lists Malibu, CA, Home for $127.5 Million

May 18, 2022

1 Min Read
Self-Storage Billionaire Lists Malibu, CA, Home for $127.5 Million

Tammy Hughes Gustavson, the largest shareholder of self-storage real estate investment trust (REIT) Public Storage Inc., has listed her Malibu, California, mansion for $127.5 million. Built in 2000 in the Paradise Cove neighborhood, the 11,000-square-foot compound is on 3.5 acres on a bluff overlooking the Pacific Ocean. It contains a four-bedroom house and two guesthouses.

Gustavson, 62, is the daughter of Public Storage cofounder B. Wayne Hughes, who died last year. She has an 11 percent stake in the company, which she joined in 1983 and where she held various positions before becoming vice president. She left the company in 2003, but returned in 2008 as a board member. In 2019, she was named a chairwoman of the board of trustees for American Homes 4 Rent, a Calabasas, California-based REIT founded by her father that invests in single-family rental homes. In 2021, she was named in a list of America’s 20 wealthiest women. She has an estimated worth of $7.7 billion, according to “Forbes” magazine.

Gustavson has a home at Spendthrift Farm in Lexington, Kentucky, a racehorse-breeding enterprise. One of its stallions, Cloud Computing, was the winner of the 2017 Preakness Stakes, an annual thoroughbred horse race held in Baltimore.

Based in Glendale, California, Public Storage has interests in 2,797 self-storage facilities in 39 states, with approximately 199 million net rentable square feet.

Sources:
The Wall Street Journal, A Self-Storage Billionaire Wants $127.5 Million for Her Malibu Compound
Forbes, Tammy Hughes Gustavson

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