OpenAI CEO Sam Altman Owns a Jaw-Dropping $124 Million Property Portfolio. However, One Home Is In The Center Of A $27 Million Lawsuit
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OpenAI CEO Sam Altman has been making headlines recently due to his company's $6.4 billion purchase of former Apple (NASDAQ:AAPL) design guru Jony Ive's devices startup, io.
However, fledgling tech startups are not the only acquisitions Altman has been associated with recently.
Billionaire Altman has been actively buying San Francisco real estate. According to TheRealDeal, Altman purchased three homes for $12.8 million each. All three are located next to another home owned by Altman — a historic six-bedroom, seven-bathroom Russian Hill mansion — purchased for $27 million in 2020.
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That home, however, is the subject of a drawn-out legal battle with developer Greg Malin and his company, Troon Pacific. Altman's complaints about the quality of construction caused him to file a lawsuit accusing the developer of 'substandard work' and 'financial embezzlement.'
Altman's three newest homes and his initial lawsuit-plagued purchase — the lawsuit is ongoing — are all owned by the same LLC, managed by Altman's cousin, Jennifer Serralta, which suggests, according to Realtor.com, that Altman plans to form a large compound comprising all the dwellings.
Altman's San Francisco homes only represent a fraction of his property portfolio. Business Insider reported that Altman purchased a sprawling estate in Hawaii in 2021 for $43 million. Altman also owns a ranch in Napa, California, where the New York Times reported that he and his husband, Oliver Mulherin, spend many of their weekends. Realtor.com reported that Altman purchased the ranch for $15.7 million in 2020, a considerable discount from its initial asking price of $25.5 million.
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According to Forbes, Altman has a net worth of $1.7 billion. He was already wealthy before joining OpenAI. In 2005, he dropped out of Stanford to form social-mapping company Loopt, which he sold in 2012 for $43 million. He used the money to start his venture capital fund, Hydrazine Capital.
By the time Altman left the startup accelerator Y Combinator to become the CEO of OpenAI in 2019, he was wealthy through his investments. His most profitable companies include Stripe, Reddit (NYSE:RDDT), and nuclear fusion firm Helion. The Wall Street Journal reported that Alman has invested in 40 companies, often using debt to do so. Five of them have increased in value by 100 times or more. Altman owns no equity in the $300 billion-valued OpenAI.Altman told Stretchery that his experience investing in other start-ups helped him with OpenAI and the success of ChatGPT. 'I had seen Reddit and Airbnb and Dropbox and Stripe and many other companies that just hit this wild product-market fit and runaway growth, so maybe I hadn't seen anything of this magnitude,' he said. 'At the time, you don't know what it's going to be, but I had seen this early pattern with others. This is going to be very crazy and we have a lot of work to do that we have to do very quickly but this is a crazy opportunity that fell into our life and we're going to go do it and here's what that's going to look like.'
Real estate is a great way to diversify your portfolio and earn high returns, but it can also be a big hassle. Luckily, there are other ways to tap into the power of real estate without owning property. Arrived Home's Private Credit Fund's has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate. The best part? Unlike other private credit funds,
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This article OpenAI CEO Sam Altman Owns a Jaw-Dropping $124 Million Property Portfolio. However, One Home Is In The Center Of A $27 Million Lawsuit originally appeared on Benzinga.com
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