Facebook's Zuckerberg buys $7 million house
Celebrity renter is a renter no more. The new Palo Alto, Calif., estate has a privacy wall, a saltwater pool and a gazebo with a fireplace.
One of the nation's most famous celebrity renters has bought a home.
Facebook founder Mark Zuckerberg reportedly paid $7 million for a 5,617-square-foot home in Palo Alto, Calif., an easy commute to the new Facebook offices in Menlo Park – though not quite as close his previous rental home was.
Zuckerberg's new place has five bedrooms, five baths and two half-baths, a saltwater pool, a spa and a gazebo with a fireplace. You can read all the details and see photos here.
He paid considerably more than the $5.85 million asking price. Real estate is expensive in Palo Alto, the home of Stanford University. According to the real-estate website Trulia, the median sale price from January to March 2011 was $806,500 and the median asking price in the last week of April was $1.62 million.
The Facebook founder turns 27 this month, an age at which many people still rent their domiciles. He lives with his girlfriend, Priscilla Chan.
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According to Palo Alto Online, the house is the second-oldest house in Palo Alto, though it has been extensively remodeled and added on to over the years. The last renovation was in 2007.
The house was built in 1866 as a Victorian cottage for Palo Alto pioneer Dr. William A. Newell. The house sat empty for 15 years after the Newells died, and Dr. Alexander McIntyre rebuilt it, using some of the original materials in 1906. State Sen. Marshall Black bought the house in 1909, then spent three years in prison for embezzlement.
The house is on a 17,117-foot lot surrounded by a wall, set back from the street with lots of trees. The estate was advertised as "offering the ultimate in privacy." Among the home's features are a home office with dual work stations and floor-to-ceiling windows.
The Los Angeles Times interviewed one of Zuckerberg's new neighbors, Kenneth Regenos, a retired aerospace engineer who has lived on the street for 45 years, who said, "We'll be happy to have him here." Neighbors are friendly, but not too friendly, he told the Times, saying the last block party was in 1976.
It sure did take him long enough to buy a house I know if I had all that money I sure wouldn't be renting anymore. And to the one that was wondering where facebook gets it money well advertising is the biggest form of revenue if you thought companies paid millions of dollars for a 15 minute spot for the super bowl how much you think they pay for on a site that has millions of people for traffic each and every day. Plus even though you can play some of the apps on facebook for free there are services dealing with some of them that fo have paid services. Look in the game isle at Wal-Mart there is gift cards for facebook there not to mention farmville and all those other games that people sit and play all the time. For teacher you are just hating Mark is actually really smart you can't sit there in a room and code something the way he did and be a stupid get a clue writing code for a web site is not easy I know I am in school for it right now. Congrats Mark on the new house hope you and your girl enjoy it and live to the fullest.
It is actually a beautiful house and it's nice to see he has a taste for the past. He could have bought something vulgar and everyone would have been saying what a show-off. But he bought a modest home that is quite enough for two people to live in.
But I still don't get him making that kind of money off of this toy thing. He better hold onto some of it because someone will come along with something else and FB will go to the wayside too.
I too need to be educated how he and face book get their money. It's baffling to me . I understand corporate finance and IPOs' and the such. I certainly can't believe it's sole income is from advertising. While I think the concept of a live lifetime yearbook is ingenious, I just don't get where the money is at if the user's aren't charged a fee for using it ????
About Teresa Mears
Teresa Mears is a veteran journalist who has been interested in houses since her father took her to tax auctions to carry the cash at age 10. A former editor of The Miami Herald's Home & Design section, she lives in South Florida where, in addition to writing about real estate, she publishes Miami on the Cheap to help her neighbors adjust to the loss of 60% of their property value.