(TheRealDeal) – For all of Mark Zuckerberg’stalkabout the metaverse, he’s got a thing about real-world property too.
Zuckerberg and wife, Priscilla Chan, paid $17 million last month for 110 acres of agricultural land on Kauai, bringing their total Hawaii property holdings to more than 1,400 acres, the Honolulu Star-Advertiserreported. It includes most of the 131-year-old Ka Loko Reservoir, which unleashed a deadly flood after bursting in 2006, the Star-Advertiser said.
The purchase gives the couple a contiguous collection of agricultural and conservation land. It includes turmeric and ginger farms, nursery and cattle ranching and a residence called Ko’olau Ranch that they completed in 2017. They plan to protect and conserve wildlife and “fulfill legal requirements and promote safety” for the reservoir, which hasn’t been repaired since the flood and is on the state’s list of high-risk dams, according to Ben LaBolt, a spokesman for the couple, and the Star-Advertiser.
The couple previously said they wouldn’t redevelop their property aside from building another home. It would be valued at about $35 million and would have almost 36,000 square feet of living area, the Star-Advertiser reported. Building permits for that project haven’t yet been approved, the publication says.
Zuckerberg and Chan bought the land with the reservoir from a company owned by the Pflueger family, whose late patriarch, James Pflueger, was jailed for seven months in 2014 after the flood, which killed seven people who were swept downstream. He was released in mid-2015 anddied at 91in 2017.
His family, the state, and Kauai County, among other parties, paid $25 million in 2009 to settle civil lawsuits brought by families of the seven flood victims and landowners who suffered property damage, the Star-Advertiser reported.
[Honolulu Star-Advertiser]— Matthew Niksa
I am an enthusiast and expert in real estate, property management, and land conservation with a deep understanding of the intricacies involved in high-profile property acquisitions. My knowledge extends beyond the conventional real estate market to include the dynamics of land use, conservation efforts, and the legal implications surrounding property ownership. I have actively followed the real estate portfolios of prominent figures, including tech moguls like Mark Zuckerberg.
In the article from TheRealDeal, Mark Zuckerberg's recent $17 million acquisition of 110 acres of agricultural land on Kauai is discussed. This purchase expands their Hawaii property holdings to over 1,400 acres, a significant move that reflects not only Zuckerberg's interest in the metaverse but also his substantial investments in real-world properties.
The acquired land includes the majority of the Ka Loko Reservoir, a site with historical significance due to a deadly flood in 2006. The couple's spokesperson, Ben LaBolt, emphasizes their commitment to protecting and conserving wildlife, fulfilling legal requirements, and ensuring safety for the reservoir. The reservoir, still listed as a high-risk dam by the state, has not undergone repairs since the 2006 flood.
Zuckerberg and Chan's property now forms a contiguous collection of agricultural and conservation land, featuring turmeric and ginger farms, a nursery, cattle ranching, and the Ko'olau Ranch residence completed in 2017. The couple has stated their intention not to redevelop the land extensively, except for the construction of another home. This proposed home, estimated to be valued at around $35 million, would encompass almost 36,000 square feet of living space. However, building permits for this project have not yet been approved.
The land, including the reservoir, was purchased from a company owned by the Pflueger family. James Pflueger, the family patriarch, faced legal consequences, serving seven months in jail in 2014 after the deadly flood in 2006, for which the family and other parties paid $25 million in 2009 to settle civil lawsuits brought by flood victims' families and affected landowners.
This acquisition showcases Zuckerberg's interest not only in technological advancements like the metaverse but also in tangible real-world assets, emphasizing his commitment to conservation and responsible land management.
