Russian Facebook billionaire pays $70million for Silicon Valley mega-mansion
By DAVID GARDNER
Last updated at 9:49 PM on 25th March 2011
Last updated at 9:49 PM on 25th March 2011
Yuri Milner has made billions investing in companies like Facebook and Groupon
A Russian billionaire has paid a staggering $70 million for a mega-mansion in California’s Silicon Valley, it was revealed today.
The housing crisis may be rumbling on elsewhere in the US, but investor Yuri Milner bought the 25,000-square foot, 11-acre estate…as a second home!
It was the biggest price tag ever paid in Santa Clara County, an area known for its high-priced luxury properties.
The hilltop home, which includes its own carwash, was built in 2009 and has five bedrooms, nine baths and a tennis court.
Mr Milner’s primary residence is in Moscow, where he lives with his wife and two daughters. But he is a frequent visitor to the high-tech enclave in northern California.
The 47-year-old Internet tycoon – a former particle physics graduate student - appears on the cover of the most recent issue of Forbes magazine and has invested heavily in Facebook, Zynga and Groupon through his investment firm DST Global.
His company is said to control about 10%, or $5 billion worth, of Facebook’s shares.
He also built up the Russian online company Mail.ru, which last year listed on the London stock exchange.
The Russian billionaire reportedly paid $70million for this 25,500 square foot house in Los Altos Hills - and it won't even he his main residence
The home was bought from another tycoon, Fred Chan, founder of ESS Technology, who has reportedly decided to stay living in Hawaii after building the Silicon Valley mansion.
Mr Milner reportedly made the transaction through a limited liability company called La Paloma Property.
The sale was seen as a sign that the market in high-end properties on the West Coast is heating up.
‘This valley attracts money and lifestyle. We’re definitely seeing a little surge,’ Michael Sibilia, president of the Santa Clara County Association of Realtors told the San Jose Mercury News.
Read more: http://www.dailymail.co.uk/news/article-1370070/Russian-Facebook-billionaire-pays-70million-Silicon-Valley-mega-mansion.html#ixzz1Ho8hfG3i
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