One way to avoid teardown McMansions nearby: just buy all the properties yourself

Mark Zuckerberg has a way to avoid annoying teardown McMansions next door:

Facebook chief and founder Mark Zuckerberg bought four homes adjacent to his own tony Palo Alto house to prevent a developer from building a McMansion capitalizing on being next to the creator of Facebook.

Zuckerberg paid more than $30 million for the four properties next door and behind his home, and is now leasing them back to the owners, according to the San Jose Mercury News.

The 29-year-old billionaire reportedly bought the houses to prevent a developer from building a McMansion and marketing it as “being next door to Mark Zuckerberg,” according to an unnamed source.

According to public records, the home behind Zuckerberg’s was sold last December to a legal entity affiliated with Iconiq Capital, a San Francisco company that handles Zuckerberg’s finances. Last month, two more properties behind his home and one next door were also bought by associated entities of Iconiq. One of the properties sold for $14 million.

The irony of this is that defeating teardown McMansions requires having more money than the possible property owners. Have less money and residents can often have a fight on their hands.

Another issue: who would pay more money for a home just because it is next to Mark Zuckerberg? Rather than offering opportunities to spy on Zuckerberg, I wonder if this is more of a halo effect for the neighborhood: it’s such a good neighborhood that one of the world’s best-known people live here.

0 thoughts on “One way to avoid teardown McMansions nearby: just buy all the properties yourself

  1. Pingback: What to do if “a McMansion is going up next door” | Legally Sociable

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