You know you've made it when your real estate purchases are decided by their proximity to your sports teams. That was the position former eBay President Jeff Skoll found himself in recently when he purchased a $17 million compound in McLean, VA – to be closer to the Washington Capitals NHL team, of which he is a part-owner.
Don't Miss:
- This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.
- Invest in $20+ trillion home equity market today across cities like Austin, Miami, and Los Angeles through a unique 5-year term fund targeting a 14-20% IRR with minimums as low as $2,500
For Skoll, a Canadian billionaire and former ice hockey youth player, trading sports (he headed eBay from 1996 to 1998) for business proved to be a proactive move. However, his love of the game never left and he purchased a stake in the Capitals two years ago.
"I decided it would be great to have a home in the area so I could be there more often," Skoll, 59, told the Wall Street Journal.
A guesthouse For $6.5 Million
Skoll's purchase in the coveted D.C. suburb was not isolated. It includes multiple parcels amounting to nine acres and features a $10.5 million spec mansion – an 11,600-square-foot house sheathed in blue stone with wood siding and a metal roof – built by Artisan Builders on roughly an acre of land in McLean's West Langley area. Renderings of the mansion went on the market in August.
Rather than live close to the construction, as billionaires do, Skoll purchased another home, Elmwood, for $6.5 million. This adjacent 8-acre estate was owned by the family of late TV newscaster Roger Mudd, who passed away in 2021. Skoll may use Elmwood as a guesthouse when his new property is completed.
See Also: Commercial real estate has historically outperformed the stock market, and this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!
A History Of High-End Homes
The Virginia property will not be Skoll's primary residence despite the cash outlay. That honor goes to a Manalapan, Fla., estate he purchased for under $90 million in 2021.
Skoll is not known for dealing in low-key real estate. In 2016, he sold his $20 million Los Altos, CA, home in the heart of Silicon Valley. The custom estate, built in 1990, included eight bedrooms, 10 bathrooms, an eight-car garage, seven fireplaces and over 100 mature trees on three-plus acres.
Skoll also owned two homes in Beverly Hills, which he purchased in 2014 and sold in 2022 for a combined price of $33 million. According to The Real Deal, Palo Alto firm Capricorn Investment Group, which manages Skoll's investment portfolio, sold a 7,500-square-foot mansion at 1118 Calle Vista Drive and a smaller Tudor-style home at 1116 Calle Vista Drive.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.
From e-Commerce To Hollywood
Skoll made the bulk of his fortune working alongside founder and friend Pierre Omidyar, firstly out of Omidyar's basement and later Skoll's living room. "We were on a rocket ride from 1996 when we teamed up until 1998 when we were getting ready to go public," he told the Wall Street Journal.
He stayed at eBay until the early 2000s when he took the company public. He has also scored recent successes through Participant Media, a film and TV production company that aims to tell impactful stories. Notable films include "Spotlight," "The Help," "Lincoln," "An Inconvenient Truth," and "Wonder."
Read Next:
- These five entrepreneurs are worth $223 billion – they all believe in one platform that offers a 7-9% target yield with monthly dividends
- Unlock the hidden potential of commercial real estate — This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.