Mark Zuckerberg Sells His House For $31 Million. Is His Diminishing Wealth The Reason Behind The Decision?

Mark Zuckerberg Sells His San Francisco House for $31Million — Mark Zuckerberg

Mark Zuckerberg, the Facebook co-founder, said goodbye to his San Francisco mansion. The house was sold off at a whopping price of $31 million, making it the most expensive house sale in the city this year.

Zuckerberg and his philanthropist wife made the sale in an off-market deal. This is coming after a decade of Zuckerberg’s ownership of the mansion after he bought it in 2012 for $10 million. Could the reason be his dwindling wealth that took a major hit again this year?

Why Did Mark Zuckerberg Sell His House?

Mark Zuckerberg's neighbors were quite pissed at him — Mark Zuckerberg and his wife, Priscilla Chan

The luxurious mansion is located in the secluded Liberty Hill neighborhood at Dolores Parks. Zuckerberg’s home was also very close to the Mission District and the Zuckerberg San Francisco General Hospital and Trauma Cente.

The home, spanning over 7,400 square feet, has four bedrooms and four bathrooms. In 2014-15, permits filed with the City’s Department of Building Inspection showed that the couple hired a construction crew for their new home. They increased the space on all three floors, legalized space on the top fourth floor, added a bathroom, and created a roof deck. The kitchen and six bathrooms were also modified during the renovation work during that time. Apart from all of this, new air conditioning and a fire sprinkler system were also installed.

There is no confirmed reason reported behind this decision of the couple. However, in 2016, SFist reported that their neighbors weren’t very happy and ready to take arms as Zuckerberg’s military kept the private spaces permanently occupied. Previously, the neighbors expressed their annoyance over the construction noises which carried on for an entire year, from 2014 to 2015.

It wasn’t very surprising when an anonymous letter by one of Zuck’s neighbors was posted, clearly expressing how the Facebook owner has made his neighbors perpetually pissed at him. The letter read, “Hi Neighbors! I’m sure you all agree that it can be cumbersome living next to Zuck. I think we’ve all tried to be as patient and civil as possible during the very long construction, the noise, the trash, the blocking of streets, etc. Now that all that circus is done, we are left with 2 silver SUVs permanently occupying desirable parking spots.”‘

Keeping these reasons aside, Zuckerberg’s falling wealth seems to be a bigger reason for the decision to sell the property.

What Is The Net Worth Of The Facebook CEO?

The Facebook Owner's Rank as the Richest Man Has Sharply Fallen Down — The Facebook owner’s rank as the richest man H=has sharply fallen down

To instantly indicate how much his net worth has fallen, one can simply see how Mark Zuckerberg went from the 3rd richest person on the Earth in July 2021 to the 17th one currently. According to the Bloomberg Billionaires Index, his net worth currently stands at $61.9 billion, as compared to $142 billion in 2021. That’s certainly a colossal loss.

The free fall of the Meta shares has dwindled Zuckerberg’s worth by almost 50%. Zuckerberg owns 16.8 percent shares of Meta Platforms, which is the parent company of Facebook. The price of Facebook shares, which was $350 billion in 2021, is currently $166 billion.