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Facebook boss Zuckerberg pays out $7 million' to move out of rented digs

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By The Drum Team, Editorial

May 5, 2011 | 2 min read

With a Facebook IPO possibly on the way, Mark is spending some of his cash on a luxurious new house in Palo Alto.

The house is a 10-minute drive from what will soon be Facebook's new corporate campus at Menlo Park.

Reporting the purchase, the San Jose Mercury News said it was not printing the address "because of concerns for the privacy of the sellers, who still live there, and Zuckerberg."

Zuckerberg, 26, has lived in Palo Alto since he moved Facebook to Silicon Valley straight from his Harvard dorm room in 2004. Zuckerberg's longtime girlfriend is Priscilla Chan whom he has been dating since Harvard and who moved to California after a job offer from Mark.

Now, with Facebook about to move into its own first permanent home in the former Sun Microsystems campus, " Zuckerberg also appears to be settling down," said the paper.

He isn't expected to move in to the new house for several months. It has more than 5,000 square feet, a saltwater pool, a music alcove and five bedrooms. Sources close to Facebook confirmed Zuckerberg had bought a house in Palo Alto, but would not say which one. The real estate transaction was not under Zuckerberg's name. But according to the paper, public records clues led to the property purchased for $7 million. Zuckerberg has managed to hold on to everyday life in Palo Alto and is frequently seen in public places, such as local farmers markets and restaurants. A number of other tech CEOs live in the town, including Apple's Steve Jobs and Google's Larry Page.

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