Real Estate Marketing & Beyond
In order to satisfy his desire for greater privacy, Facebook founder and CEO Mark Zuckerberg is planning to tear down four homes near his own property in Palo Alto, including one that he just paid $14 million for, before replacing them with smaller homes.
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News of Zuckerberg’s move comes from the San Jose Mercury, which obtained a latter dated May 16 from the property managers of homes on Edgewood Drive and Hamilton Avenue, which was distributed to homeowners in the area to inform then of a city planning application made by the Facebook boss.
"The plans will reduce overall square footage relative to the existing homes and aim to ensure the new structures and surrounding gardens blend seamlessly with the neighborhood," the letter said, as reported by the Mercury.
The paper reveals that Zuckerberg bought the properties at 1462 Edgewood Drive and 1451, 1457 and 1459 Hamilton in the Crescent Park neighborhood for more than $30 million. It’s believed the billionaire Facebook boss purchased the homes to create a “buffer zone” around his own property for privacy reasons. Zuckerberg apparently started buying the homes near his – which include two, two-story properties and two single-story homes –In order to satisfy his desire for greater privacy, Facebook founder and CEO Mark Zuckerberg is planning to tear down four homes near his own property in Palo Alto, including one that he just paid $14 million for, before replacing them with smaller homes.
News of Zuckerberg’s move comes from the San Jose Mercury, which obtained a latter dated May 16 from the property managers of homes on Edgewood Drive and Hamilton Avenue, which was distributed to homeowners in the area to inform then of a city planning application made by the Facebook boss.
"The plans will reduce overall square footage relative to the existing homes and aim to ensure the new structures and surrounding gardens blend seamlessly with the neighborhood," the letter said, as reported by the Mercury.
The paper reveals that Zuckerberg bought the properties at 1462 Edgewood Drive and 1451, 1457 and 1459 Hamilton in the Crescent Park neighborhood for more than $30 million. It’s believed the billionaire Facebook boss purchased the homes to create a “buffer zone” around his own property for privacy reasons. Zuckerberg apparently started buying the homes near his – which include two, two-story properties and two single-story homes – after learning that a developer had plans to build a large new home adjacent to his own, which would have directly overlooked Zuckerberg’s master bedroom.
According to Trulia, Santa Clara County records show that Zuckerberg bought one of the homes for a whopping $14 million, despite it being valued at just $3.171 million.
Records show that Zuckerberg’s own 5,000 square-foot home cost him $7 million back in May 2011.
Zuckerberg plans to build smaller homes - three single-story houses and one two-story house – after tearing down the current structures. Those new properties will take up around 20 percent less space than the existing ones, according to a planning request received by the city’s Planning and Community Environment Department. It’s not known if Zuckerberg plans to sell or lease the new homes after their construction.
The Crescent Park Neighborhood Association has not taken a position on the application, which requires a public hearing.
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