Russian Billionaire Buys Silicon Valley Home For A Record $70 Million

The global economic crisis may have sent real estate prices on a steep downward spiral, but things seem to be looking up. A Moscow-based billionaire has coughed up $70 million while purchasing a mega-mansion in Silicon Valley, California. The billionaire in question is Yuri Milner, a Russian investor who holds $5 billion worth of shares in Facebook. Thus, he controls some 10 percent of the social networking site’s shares.

Milner’s new home in Silicon Valley occupies 25,000 square feet and is located on an 11-acre estate. Located on a hilltop, the property boasts of five bedrooms, nine baths, a tennis court and its own carwash. The property was built in 2009 by ESS Technology founder Fred Chan who ultimately sold the property to Milner. Apparently, Chan wants to continue being based in Hawaii rather than move to Silicon Valley. Milner is believed to have purchased the property via a limited liability company named La Paloma Property.

Chan’s decision to sell the property could eventually prove good news for the Silicon Valley. $70 million is the highest that any property in the Santa Clara County has ever drawn. Silicon Valley is known for its luxury properties. More sales like this one, should lead to a renewed surge in property prices.

However, this is only going to be the Russian investor’s second home. The Russian investor mainly lives in Moscow with his wife and children. 47-year-old Milner also has large-scale investments in Zynga and Groupon via his investment firm DST Global. Last year, Milner’s Mail.ru, a Russian online firm, managed to get listed on the London stock exchange.

Via: Mail Online

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