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Google Invests $50 Million in Online Property Broker Auction.com

Google Invests $50 Million in Online Property Broker Auction.com

Google has done it again! They just purchased a minority stake in Auction.com for a cool $50 million! With this purchase, Auction.com is now valued at $1.2 Billion! Here’s the snip from SFGate.com..

March 5 (Bloomberg) — Google Inc.s new investment arm is buying a minority stake in Auction.com LLC, the largest U.S. online real estate auction firm, for $50 million.

The investment by Google Capital, which expects to spend about $300 million this year to back late-stage companies, is the first in a real estate venture for the unit of the Mountain View, California-based Internet search firm. The deal values Auction.com at $1.2 billion, the Irvine, California-based company said today in a statement.

“Like EBay kind of drove transparency and created a marketplace for hard-to-find items, Auction.com is creating transparency in part of the real estate market,” David Lawee, head of Google Capital, founded last year, said in a telephone interview. “Here, you can go on to a site and see thousands of properties that are listed for sale that would be great investment opportunities.”

Read more: http://www.sfgate.com/business/bloomberg/article/Google-Invests-50-Million-in-Online-Property-5290520.php

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(all data current as of 9/1/2014)

  1. 2 beds, 2 full, 1 part baths
    Home size: 2,080 sq ft
    Lot size: 2.82 ac
    Year built: 1999
    Parking spots: 4
    Days on market: 11

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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Date last updated: 9/1/14 9:11 PM PDT

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