Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Why some billionaires are buying more and more residential homes

Once the decision to purchase a home is made, the interested parties will almost immediately start discussing what they want and when to start looking. In the course of these discussions, they will inevitably arrive at some very firm determinations concerning their prospective home, including the number of bedrooms and bathrooms, the amount of improvements required and, of course, the location.

While it may seem hard to believe, many of America's billionaires also share these very same ideas concerning their potential home purchases. However, they also have a wholly unique concern: protection of their privacy.

Specifically, these billionaires want to ensure that wherever they decide to settle down, they won't have to worry about potentially nosy neighbors, prying paparazzi or ruthless business competitors spying on their activities.

In a very interesting turn of events, some of the nation's most well-know technology-based billionaires have turned to a rather strange tactic in order to prevent this from occurring, and it doesn't involve putting up taller fences or more shrubs.

From the late Apple founder Steve Jobs to Google head Larry Page, several billionaires in the Palo Alto area of California have now started purchasing the homes surrounding theirs for a tidy sum.

This tactic enables them to simply turn around and rent these homes to carefully vetted tenants, and guarantee that the homes will never be torn down and replaced with something less than desirable.

The latest tech tycoon to create his own compound in that area is none other than Facebook cofounder Mark Zuckerberg, whose fortune is estimated to be in the neighborhood of $23 billion.

According to reports, Zuckerberg has spent upwards of $30 million to purchase the four Silicon Valley homes surrounding his $7 million home he purchased back in 2011.

These sources indicate that Zuckerberg, who likely purchased the property through third-party legal entities affiliated with an elite money management firm, acquired the properties after learning that a real estate developer had been planning to buy them and tear them down to put up a new mansion. After purchasing the properties, he turned around and leased them back the original owners, essentially making him their landlord.

It's important to remember that while you likely aren't looking to purchase neighboring property to protect your privacy as part of your real estate transaction, buying a home can nevertheless prove to be a very complex matter. In order to avoid costly mistakes, consider contacting an experienced legal professional here in South Carolina who can handle the full details of your transaction while protecting your interests and rights.

Source: Forbes, "Facebook billionaire Mark Zuckerberg's quietly expanding real estate collection," Morgan Brennan, Oct. 11, 2013

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions