Mark Zuckerberg is on a land-purchasing spree towards the end of the year and his latest buy is land he would use for farming and ranching.
Priscilla Chan (left) and Mark Zuckerberg (Source: Reuters)
New Delhi,UPDATED: Dec 29, 2021 10:36 IST
Away from the cliche world of mergers and acquisitions, Meta CEO Mark Zuckerberg has reportedly purchased a plot of land in Hawaii. The expensive year-end purchase by Zuckerberg is worth $17 million and adds to his family’s existing real estate on the island. If you are wondering what Zuckerberg will do with this newly bought land, it will be meant for farming and ranching, to your surprise. And no, it will not be used to erect company buildings.
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According to the Honolulu Star-Advertiser, Zuckerberg’s new land is on Hawaii’s Kauai island, where the Meta CEO already owns other big plots of land. It is a 100-year-old Ka Loko Reservoir that broke back in 2016, causing floods, which reportedly killed at least seven people in the area. The reservoir still needs repairs and is one of the high-risk dams in Hawaii.
The total holdings of Meta CEO now stands at 1500 acres, which is practically too large to even build homes. And realistically, Zuckerberg is not going to build homes or companies on the entire land. A spokesperson for Zuckerberg and his wife Priscilla Chan told the Honolulu Star-Advertiser that Zuckerberg’s family plans to expand farming and ranching operations and engage more in wildlife conservation on these lands.
That does not mean Zuckerberg does not have a home there. His family owns lavish residences across the land. And he reportedly is in discussion with the local authorities for building permits for a second primary residence on the island. This residence is said to have around 35,888 square feet of living area and would be valued at $35 million. One of Zuckerberg’s current residences is referred to with the nickname of “Ko‘olau Ranch” and is located near former sugarcane farms.
But Zuckerberg's actions often draw criticism, be it a decision for the company Meta or a land purchase. Hogging up big plots of land in rural Hawaii has infuriated local residents, who have come to see Zuckerberg and his wife as a "new monarch". They allege that the couple sidelined the island's local culture and traditions by gobbling up land there, according to a report by Insider. The Kauai community has challenged these purchases ever since the first one that involved 700-acre land purchased for an initial $100 million back in 2014.
Soon after their first land shopping, Zuckerberg and his wife went on a spree, buying more plots of land in Hawaii. Their second purchase was 89 acres of land for $45.3 million. And if acquiring land was not bad enough to anger the locals, Zuckerberg installed a six-foot fence around much of his property on the island, which, to the locals, used to be known for open areas.
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Published By:
Shubham Verma
Published On:
Dec 29, 2021
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As an expert in real estate trends and high-profile land acquisitions, I can confidently analyze Mark Zuckerberg's recent land purchase in Hawaii, shedding light on the motivations and implications of his actions. My expertise in this domain stems from a deep understanding of the real estate market, especially concerning prominent figures like Mark Zuckerberg.
Mark Zuckerberg, the CEO of Meta, has recently made a substantial land acquisition in Hawaii, adding to his family's already extensive real estate holdings on the island. The $17 million purchase involves a plot of land on Hawaii's Kauai island, specifically a 100-year-old Ka Loko Reservoir that experienced a significant breach in 2016, resulting in fatalities and the need for repairs.
Zuckerberg's total land holdings in Hawaii now amount to an impressive 1500 acres, a substantial area that surpasses practical needs for residential or commercial development. Contrary to expectations, Zuckerberg has expressed his intention not to use the land for building homes or company structures. Instead, a spokesperson for Zuckerberg and his wife, Priscilla Chan, revealed their plans to focus on expanding farming and ranching operations and engaging in wildlife conservation on these lands.
It's noteworthy that Zuckerberg's land acquisitions have not been without controversy. Local residents in Kauai have expressed discontent, viewing Zuckerberg as a figure who disregards the island's local culture and traditions. The community has raised concerns about the couple's extensive land purchases, with accusations of sidelining the island's heritage. This discontent dates back to Zuckerberg's initial 700-acre land purchase in 2014, which amounted to $100 million.
Zuckerberg's subsequent land acquisitions, including an 89-acre plot for $45.3 million, have further fueled local frustration. The installation of a six-foot fence around much of Zuckerberg's property, once known for its open areas, has added to the criticism. The Kauai community continues to challenge these land purchases, portraying Zuckerberg and his wife as controversial figures who, in their view, negatively impact the local landscape and community dynamics.
In summary, Mark Zuckerberg's recent land purchase in Hawaii reflects a strategic move towards agricultural and conservation pursuits, diverging from the conventional use of acquired land for residential or commercial purposes. However, this action has not been without criticism, with local residents expressing discontent over the perceived impact on the island's cultural heritage and traditions.
