Tech entrepreneurs and executives from Silicon Valley are moving south and buying up luxury homes in the Los Angeles area.
“The tech industry is going south.
In growing numbers, Silicon Valley executives—long based in tech strongholds like Santa Clara and Palo Alto—are buying homes in Los Angeles, as the lines between the technology and entertainment businesses grow blurrier.
Venture capitalist and hedge-fund manager Peter Thiel—PayPal’s co-founder and Facebook’s FB -4.73% earliest investor—paid $11.5 million in January for a 6,000-square-foot house on a promontory above the Sunset Strip. Andrew Frame, a 30-something entrepreneur who founded Internet-telephone company Ooma, bought a contemporary four bedroom in Bel Air for $5.5 million last summer from singer/reality star Nick Lachey, who in turn had acquired the home from model Heidi Klum and singer Seal. In March of last year, Matt Jacobson, head of market development at Facebook, paid $10.9 million for a modern house on the ocean in Manhattan Beach, according to public records. He uses his former home, a just-under 900-square-foot beach bungalow two blocks away, to house Facebook employees visiting from up north…”
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