Mark Zuckerberg Buys Cool $7 Million California Home

By: From CBS News
By: From CBS News
Giving up the life of a renter, the Facebook founder and one of the world

** FILE **'s mastermind Mark Zuckerberg smiles at his office in Palo Alto, Calif. in this Feb. 5, 2007 file photo. Rapidly rising Internet star Facebook Inc. has sold a 1.6 percent stake to Microsoft Corp. for $240 million, spurning a competing offer from online search leader Google Inc. The deal announced on Wednesday, Oct. 24, 2007 after several weeks of negotiation values Palo Alto-based Facebook at $15 billion _ less than four years after Mark Zuckerberg started the online social networking site in his Harvard University dorm room. (AP Photo/Paul Sakuma)

PALO ALTO, California (CBS) -- Billionaire Facebook chief executive Mark Zuckerberg is reportedly over the life of being a renter and has purchased his first home in Palo Alto, Calif., for a cool $7 million.

According to the Silicon Valley Mercury News, the 26-year-old's new abode has five bedrooms, a saltwater pool, a music alcove and covers 5,000-plus-square-feet, which offers plenty of space for his new puppy Beast to run around.

While the purchase is a generous upgrade from his previous rented 3,800-square-foot crib, which was in the College Terrace neighborhood of Palo Alto, according to Gawker, it is modest in comparison to the lavish estates of other Silicon Valley leaders, like Steve Jobs and Larry Ellison.

News of the real estate purchase comes as Facebook is preparing to move its headquarters from Palo Alto to a building in Menlo Park, Calif., previously used by Sun Microsystems. Zuckerberg's new digs are reportedly just a 10-minute drive from the new campus.

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