By Brandon Bailey
(MCT)—Living the fantasy of every homeowner who has faced the prospect of a nuisance project next door, Facebook Inc. CEO Mark Zuckerberg has bought four homes adjacent to his own 5-bedroom crash pad in one of Palo Alto, Calif.’s toniest neighborhoods.
Zuckerberg paid top dollar — more than $30 million in total — for the four residential properties located next door and behind his own home. But he has no plans to build a Taj Mahal on the land, according to a person with knowledge of the transactions, who said Zuckerberg is leasing the existing homes back to the families that live there.
The 29-year-old multibillionaire acted after he learned of a developer’s plan to buy one of the properties next door to the Facebook co-founder, said the source. “The developer was going to build a huge house and market the property as being next door to Mark Zuckerberg.”
Zuckerberg is one of several prominent tech CEOs who own homes on Palo Alto’s tree-lined streets. Yahoo’s Marissa Mayer and Google’s Larry Page live there, as did the late Apple chief Steve Jobs. Page created a modest stir a few years ago when he bought four adjoining properties in a fashionable, older neighborhood where he’s building a 6,000-square-foot abode.
Zuckerberg, who lived for many years in modest rented digs, reportedly paid $7 million two years ago for the 5,000-square-foot home in Palo Alto’s Crescent Park neighborhood where he lives with his wife, physician Priscilla Chan. Zuckerberg, whose personal fortune is estimated at $19 billion, also owns a home in San Francisco.
Continue Reading 1 2
See More Celebrity & Luxury Homes Stories
Copyright© 2014 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com