Even though Snapchat
rejected a $US3 billion offer from Facebook, co-founder Bobby Murphy is apparently still rolling in the dough.
After all, 25-year-old Murphy just bought a $US2.1 million two-bedroom house in Venice, CA, according to The LA Times. The 2,250 sq foot house, which LA Curbed sleuthed as being located at 43 Brookes Ave., cost nearly double the median price of other homes in the neighbourhood. It's designed by architect Larry Scarpa and artist Randy West, and comes with a balcony as well as a roofdeck.
Murphy may have dropped a lot of cash on the house, but at least he'll save money on his commute: His fresh digs are located close to Snapchat's new offices at 63 Market Street.
Meanwhile, Murpy's co-founder, Evan Spiegal, famously lives at home. The two are currently embroiled in a legal battle with ousted founder Reggie Brown, and hundreds of millions of dollars are on the line.
The outside of the house looks very modern with its emphasis on concrete and steel.
It's a long way from the Kappa Sigma frat house where Snapchat got started.
Right now, Bobby Murphy owns 40% of the company. Evan Spiegel owns the other 60%.
At this point, Snapchat is about two years old.
But it's already enticing giants like Facebook and Google to make big acquisition offers.
About 400 million photos are sent on Snapchat per day.
About 9% of all Americans who own mobile phones use it.
The company isn't making any revenue yet, but has received gobs of funding.
About $US73 million to date.
And it's valued at more than $US3 billion.
When Snapchat received its last round, Murphy and Spiegel swapped some of their stock for $US10 million in cash.
Plus, startup execs typically make between $US60,000 and $US260,000 per year.
So, Murphy probably has plenty of cash to spare.
Enough to afford a beautiful roofdeck like this.
The house was sold by Pardee Properties in Venice.
A rep told the LA Times that 30% of her buyers work in the tech industry.
'They have the money to buy,' she said.
Venice started becoming really techie after Google opened a campus there two years ago.
Maybe Spiegel will move out of his dad's house and join his co-founder soon.
Snapchat became infamous for its penchant for naughty pics
Originally published on Business Insider