Mark Zuckerberg buys $7 million home in Palo Alto

(CBS) -- Billionaire Facebook chief exec Mark Zuckerberg is reportedly over the life of being a renter and has purchased his first home in Palo Alto, Calif., for a cool $7 million.

According to the Silicon Valley Mercury News, the 26-year-old's new abode has five bedrooms, a saltwater pool, a music alcove and covers 5,000-plus-square-feet, which offers plenty of space for his new puppy Beast to run around.  (Click here to see pictures of the house)

While the purchase is a generous upgrade from his previous rented 3,800-square-foot crib, which was in the College Terrace neighborhood of Palo Alto, according to Gawker, it is modest in comparison to the lavish estates of other Silicon Valley leaders, like Steve Jobs and Larry Ellison.

News of the real estate purchase comes as Facebook is preparing to move its headquarters from Palo Alto to a building in Menlo Park, Calif., previously used by Sun Microsystems. 

Zuckerberg's new digs is reportedly just a 10-minute drive from the new campus.