Zoom mogul drops $15M on 2 Rancho Palos Verdes pads

Tech entrepreneur and early Zoom investor Subrah Iyar paid $14.5 million for two nearby homes in Rancho Palos Verdes.

The properties are both Tuscan-style villas about five houses from one another on Sea Cove Drive, each with sweeping views of the Pacific Ocean and Catalina Island, according to Dirt.com.

Iyar has a long history in Silicon Valley and lives there still. He worked for Apple in the 1980s, then Intel, and in the mid-1990s founded a web conferencing company that sold to Cisco in 2007 for $3.2 billion. He was one of the earliest investors in Zoom and serves as the company’s strategic adviser.

His two daughters recently married twin brothers in a wedding featured on Netflix’s “The Big Day” series, and it’s possible the homes are wedding presents, according to Dirt.

Both homes were built in 1989. Iyar paid $7.8 million for the larger of the two, which spans 7,900 square feet with six bedrooms and 6.5 bathrooms. The property encompasses 1.66 acres.

He paid $6.7 million for the other home, which is 7,600 square feet and has six bedrooms and 6.5 bathrooms. It is on about two-thirds of an acre.

As the pandemic turbocharged demand for Zoom, the company’s stock price soared, from about $68 in early 2020 to a peak of $559 in October. Its stock price remains above $300.

[Dirt] — Dennis Lynch