Having sold his Cole Valley home earlier this year, and a Presidio Heights property into which he never moved (but Zynga spent $1,169,896 to purchase, install and maintain a home security system), according to a plugged-in tipster, Mark Pincus is in contract to purchase the 8,850 square foot Albert Farr designed mansion at 2950 Pacific Avenue.
Perched on the south side of the 2800 block of Broadway up on San Francisco’s Gold Coast, but “set back from Pacific Avenue for privacy,” the seven bedroom Pacific Heights property was listed for sale at $16,000,000 in May. According to our tipster, however, the sale will close “in the 12 million range” with confidentiality agreements in place.
While Zynga is currently trading at $5.57 per share, 44 percent under its IPO price of $10 per share, a few insiders including CEO Mark Pincus managed to dump over $500 million worth of Zynga stock at $12 per share in a secondary offering, the proceeds of which went into the insiders’ pockets rather than the coffers of the company.
∙ Ba-Zynga! [SocketSite]
∙ PincusVille [SocketSite]