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Zuckerberg Buys Neighboring Homes to Prevent New Development

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By Brandon Bailey

Although he tries to keep his personal life low-key, Zuckerberg’s Palo Alto residence drew pickets last February when he hosted a political fundraiser there for New Jersey Gov. Chris Christie.

Zuckerberg’s shopping spree started in December last year, when public records show the home directly behind his was sold to a legal entity associated with Iconiq Capital, a San Francisco firm that handles financial matters for Zuckerberg and other wealthy individuals.

Then last month, two more homes behind Zuckerberg’s and one next door were bought by entities associated with Iconiq, according to public records. The sales were first reported Thursday by the Silicon Valley Business Journal.

Zuckerberg paid different prices for each home, shelling out more than $14 million for one 2,600-square-foot dwelling. A local real estate agent called the amount “absurdly high,” even for that pricey neighborhood. But James Yang, an agent with Sereno Group who focuses on Palo Alto and neighboring towns, said the price is less surprising “if somebody wants to buy a property and the sellers don’t want to sell.”

Spokesmen for Facebook and Iconiq declined to comment or couldn’t be reached.

©2013 San Jose Mercury News (San Jose, Calif.)
Distributed by MCT Information Services

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