Jobs was most likely speaking plainly when he told the Cupertino
City Council that Apple ended up spending more than it would have
liked to acquire the land. The assessed value of the 50 acres
Apple is buying tops $160 million, according to property records.
Apple would not comment on the purchase process.
But the purchase price is just the beginning. By the time Apple
flattens the site’s old-style structures and builds new offices
for as many as 3,500 employees — a process the company expects to
take about four years — Apple could easily have spent $500
million, two real estate experts predict. That would make the
company’s second campus one of the costliest Silicon Valley
commercial ventures in recent memory.