Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg is planning to construct a massive seven-building compound in Lake Tahoe, California.
What Happened: Zuckerberg is set to build a 75,000-square-foot compound on the western shore of Lake Tahoe, as per planning documents obtained by California news site SFGate. The compound will be situated on a 3.5-acre property that Zuckerberg quietly bought in 2018 for $22 million.
The property, previously owned by the family of the late investment banker Robert Quist, includes a pier suitable for a large yacht and a house with seven bedrooms. Zuckerberg also purchased an adjacent estate, known as the Brushwood Estate, for $37 million. Both properties are being demolished to make way for the new compound.
As per the report, the main residence of the compound will be a 20,000-square-foot, 35-foot-tall structure. Other buildings will include a bunkhouse, a gym, a gatehouse, an office, and a guesthouse. The property will also feature fire pits, bridges, and mulch trails.
Zuckerberg's Lake Tahoe property will add to his already extensive real estate portfolio, which includes a compound in Palo Alto, California, and over 1,200 acres of land in Hawaii. In April, it was estimated that Zuckerberg's property holdings were worth about $200 million.
Why It Matters: Zuckerberg can add the Tahoe property to his already extensive real estate portfolio. In January, it was reported that the Meta CEO had spent $187 million on 1,600 acres of land in Hawaii, where he was building a massive self-sustaining apocalypse bunker.
In March, another report stated that Zuckerberg sold his $29.6 million mansion in Woodside, California, and acquired a $300 million yacht. The tech behemoth also owns another compound in Palo Alto, California.
According to the Bloomberg Billionaire Index, Zuckerberg has a total net worth of $179 billion, making him the world's fourth richest person.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image Credits – Shutterstock