Mark Zuckerberg and Priscilla Chan have successfully sold one of their San Francisco properties in a confidential off-market transaction, confirmed by a family spokesperson.
This remarkable deal, closed on July 1st, stands as the most expensive sale in San Francisco for the year 2022, according to Zillow. The 7,386-square-foot residence, built in 1928, boasts four bedrooms and four bathrooms, situated at the border of the Mission District and Dolores Heights neighborhoods within the city. Although the sale was concluded on July 1st, records of the transaction have only recently been made publicly available.
The co-founder of Facebook, now Meta, Mark Zuckerberg, aged 38, and his wife Priscilla Chan, aged 37, originally acquired the property in 2012 for just under $10 million through a California-based limited liability company, SFRP, as evidenced by PropertyShark records. A grant deed formally transferring ownership between the seller and the buyer was executed on behalf of SFRP by Na’eem Salaam, the vice president of operations at the Chan Zuckerberg Initiative.
While a spokesperson from the organization has affirmed the sale, both Mr. Zuckerberg and Ms. Chan were not available for further comments.
PropertyShark records indicate that the purchasing entity was a limited liability company registered in Delaware. Unfortunately, Mansion Global was unable to ascertain additional details about the buyer, but the contact for the LLC was listed as Michael M. Gordon, a director at the law firm of Gordon, Fournaris and Mammarella in Wilmington. Regrettably, Mr. Gordon did not immediately respond to a request for comment.
Notably, when the couple initially acquired the residence a decade ago, it was approximately 1,800 square feet smaller. During that time, the sale price had likely established a record for the Mission District, marking an era when San Francisco was witnessing the early stages of a tech industry takeover, as reported by The Wall Street Journal.
Established in 2015, the Chan Zuckerberg Initiative’s mission is “to help solve some of society’s toughest challenges—from eradicating disease and improving education, to addressing the needs of our local communities,” as stated on its official website. Both Ms. Chan and Mr. Zuckerberg serve as co-founders and co-CEOs of the organization.
In a previous report by Mansion Global, it was disclosed that the couple had acquired nearly 600 acres of land on the Hawaiian island of Kauai for $53 million in March. This purchase brought their total land holdings on the Hawaiian island to more than 1,300 acres.
Additionally, the Silicon Valley home where Mr. Zuckerberg and other Facebook co-founders initiated the social media platform was listed for sale in May for nearly $5.3 million. However, the price was subsequently reduced to just under $5 million a few weeks after the listing and was eventually removed from the market earlier this month. It is currently available for rent at a rate of $11,000 per month.
The sale was initially reported by The Real Deal.