Twitter and Square cofounder Jack Dorsey is the mysterious owner of a house on El Camino Del Mar in the exclusive Seacliff neighbourhood of San Francisco, a well-connected source in local real estate tells us.
SocketSite, a real-estate news site, reported that the house sold in February in a private transaction after being withdrawn from the local multiple-listing service.
As Curbed SF noted, the house is the most expensive two-bedroom in the city, even after the price had been reduced from $18 million to $9,990,000.
It has a stunning view of one of Dorsey’s fascinations, the Golden Gate Bridge. He actively participated in celebrations around the 75th anniversary of the bridge’s construction, and in May, he took all of Square’s 330 employees on a walk across the bridge, which he called a “spectacular influence on all I do.”
A Vanity Fair profile of Dorsey last year mentioned his “austere” Mint Plaza apartment located mere blocks from the headquarters of Square and Twitter. But he sold that unit for $1 million in early March, according to public records which identify him as the registered agent for an LLC under which he owned it.
He was more careful in buying his new house, which is owned by an LLC whose registered agent is Audrey Scott, a lawyer at Cooley LLP who specialises in counseling company founders on wealth management and estate planning.
Reached by phone, Scott said, “I can’t discuss client matters” and hung up. Press representatives for Square and Twitter did not respond to request for comment.
One question: Where did Dorsey get the money?
As we reported last week, Square filed a document with state regulators in Alaska saying Dorsey owned 28 per cent of the company, which was valued at $1.6 billion in its last financing round.
Square and Twitter are both privately held. And both companies have taken steps to prevent unauthorised sales of their shares on secondary markets. But Twitter’s board—Dorsey is the chairman—could well have authorised the sale of some of his stake.
Dorsey, a committed urbanist, owns a BMW, according to Vanity Fair, but he doesn’t seem to be using it to commute. Instead, he tweets about the books he reads while on the bus. Google Maps says it’s a 48-minute ride.
That longer commute fits with something else we’ve heard: Dorsey, who once said he spent eight hours a day at Square and eight hours a day at Twitter, is spending less time at Twitter these days. (His time split changes, and he’s been very involved with Twitter’s move to its new office.)
Last month, Dorsey quoted Pablo Neruda: “I need the sea because it teaches me.”
Now, it seems, he has his teacher.