(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
As an enthusiast with a deep understanding of various domains, including real estate, technology, and the metaverse, I am well-versed in the topics that are often at the intersection of these fields. My extensive knowledge comes from a combination of research, practical experience, and staying up-to-date with the latest developments.
Now, let's dive into the article from TheRealDeal about Mark Zuckerberg's recent real estate investment on Kauai, Hawaii. This acquisition demonstrates Zuckerberg's ongoing interest in physical property alongside his endeavors in the virtual realm.
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Mark Zuckerberg's Land Acquisition: Mark Zuckerberg and his wife, Priscilla Chan, recently acquired 110 acres of agricultural land on Kauai for a staggering $17 million. This purchase adds to their existing Hawaii property portfolio, bringing it to over 1,400 acres. This extensive holding includes the historic Ka Loko Reservoir, known for a tragic flood in 2006.
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Property Details: The newly acquired land comprises a diverse range of features, including turmeric and ginger farms, a nursery, cattle ranching facilities, and a residence known as Ko'olau Ranch, completed in 2017.
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Conservation and Wildlife Protection: Zuckerberg and Chan have expressed their commitment to conservation efforts, aiming to protect and preserve wildlife on their acquired property. Additionally, they plan to address safety concerns related to the Ka Loko Reservoir, which remains unrepaired since the 2006 flood and is categorized as a high-risk dam by the state.
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Previous Property Development Stance: The couple has publicly stated that they do not intend to undertake extensive redevelopment of their properties, with the exception of potentially building another home. Reports suggest that this additional home could be valued at around $35 million and boast nearly 36,000 square feet of living area.
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Seller Background: The land, including the reservoir, was purchased from a company owned by the Pflueger family. James Pflueger, the family patriarch, faced legal consequences related to the deadly 2006 flood, serving seven months in jail in 2014. The flood resulted in the loss of seven lives and substantial property damage.
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Legal Settlement: In 2009, a settlement of $25 million was reached involving the Pflueger family, the state, Kauai County, and other parties. This settlement addressed civil lawsuits filed by families of the flood victims and landowners who suffered property damage.
By presenting this comprehensive overview, it's evident that Mark Zuckerberg's recent land acquisition in Hawaii involves a mix of real estate, conservation, and historical considerations, showcasing his diverse interests beyond the digital realm.
