InstaForex

Zuckerberg and Wife Unusual Spending Too Much Money


Because of a lot of money, the shopping hobby of Meta founder and CEO Mark Zuckerberg and his wife is different from the average person. They poured back millions of dollars to expand their properties on the island of Kauai, Hawaii. This time, Zuck and Chan bought a 100-acre or 40 hectare land worth USD 17 million.

The land that Zuckerberg and Chan bought includes the Ka Loko dam. The century-old dam leaked in 2006 and this incident resulted in the death of seven people.


According to Zuckerberg and Chan spokesman Ben Labolt, the dam is classified as a high-risk area and has not been repaired. Both are committed to complying with legal requirements related to the dam.



Labolt added that Zuckerberg and Chan will work with community partners to develop livestock, promote conservation, produce sustainable crops and protect wildlife.


The new acquisition brings Zuckerberg's Hawaii land portfolio to 1,500 acres. Previously, he had purchased a 750 acre land in 2014 for USD 100 million and a 600 acre land in March 2021 for USD 53 million.


The Zuckerberg family already owns several homes in the area. He is even applying for a permit to build a second main house worth USD 35 million.


But Zuckerberg's move to buy land in Hawaii was met with criticism and controversy. In 2016, Zuckerberg made local residents angry after installing a 1.8-meter-high fence around his property that blocked access to Pila'a Beach.


Then in early 2017, Zuckerberg's lawyers sued hundreds of local residents who had ownership claims over a plot of inherited land that was part of his property. This step is referred to as a form of colonization.


"This is the face of neocolonialism. While forced sales may not physically displace people, it is the last trial that separates us from the land," law professor at the University of Hawaii Kapua Sproat told The Guardian. /2022).


"To us Native Hawaiians, land is ancestor. It was grandparents... you don't just sell your grandmother."


Zuckerberg eventually dropped the lawsuit and said he and his wife wanted to talk to the local community and find a better approach. The plot of land was then sold by auction.


In addition to land and property in Hawaii, Zuckerberg also owns 10 homes in Palo Alto, San Francisco and Lake Tahoe. The total value of its property portfolio reaches USD 320 million.

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