A tech entrepreneur who was an early investor in Zoom has purchased not one, but two beachfront properties on the same California street.
Subrah Iyar snapped up a six-bedroom, seven-bathroom home for $7.8 million in a deal that closed earlier this month, plus another residence of about the same size for $6.7 million in March, according to property records. The residences, located in Rancho Palos Verdes just south of Los Angeles, are about seven houses away from each other, according to Nick Peters of Engel & Volkers, who represented the seller on the $7.8 million listing.
Mr. Iyar, 63, has been an adviser and investor in Zoom since 2011, according to his LinkedIn page. He was also a co-founder of Webex and the chief strategy officer for Cisco Systems, and is a co-founder and the current CEO of Moxtra, a client interface app for small businesses. He did not immediately respond to a request for comment.
The homes may have been purchased for his children, Mr. Peters said.
The more expensive of the properties boasts a 72,000-square-foot flat lot, one of the largest on the bluff overlooking the Pacific Ocean with Catalina Island in the distance, the agent explained.
“The reason we got multiple offers on this property was not because of the house, but because of the amazing views and spectacular land,” said Mr. Peters, who had the listing with Larson Real Estate group, also of Engel & Volker.
The property is adjacent to the luxury Terranea Resort and golf courses—the restaurants are just a three-minute walk away, Mr. Peters noted—and there’s a cave below the home that adds “a cool factor.”
First listed on March 9 for $7.9 million, the home took less than a month to sell, listing records indicate. It last traded in 2014 for $4.2 million, according to property records. The sellers were not immediately available for comment.
Down the street, the second home traded in March of last year just two months after it was listed for sale, according to listing records. Mingli Wang of Keller Williams represented the property. She did not immediately respond to requests for comment.
The home also features views of the water and Catalina Island, according to the listing. It last sold for $4.7 million in 2014, according to property records.
Audrey Judson of Strand Hill Christie’s International Real Estate represented the buyer on both properties. She did not immediately respond to requests for comment.
Article Source: Mansion Global