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"It was in the saddest state I'd seen the village in my memory." Michael, who was born in Hertfordshire, and wife Xochi Birch sold Bebo to AOL in March 2008 for 0million.
He now has a net worth of 0m (£303m) and in a rare interview said he felt compelled to act when he saw how dilapidated the village had become.
"It will revitalise the centre of the village and provide much needed employment.
"It is great for everybody." Jay Oyarzabal, 38, the manager of Woolsery fish and chip shop said: "It is amazing.
He said: "I have a huge emotional connection to the village and I have fond memories of drinking in The Farmers Arms and was saddened to hear that it had closed.
"The pub had been closed for a number of years, the manor house had been closed a lot longer, it was knowing that I could do it (help) and knowing that I needed to do it.
Open daily with no admission charge, you are welcome to watch the traditional manufacturing process and take this opportunity to buy direct from the maker.Long time friend and comic book artists Robert James Algeo details the impact that binge watching, consuming and developing have on the Internets present and future.This episode has everything, Making a Murder banter, Football, and big fat websites.California-based tycoon Michael Birch said had been "shocked and saddened" at the decline of Woolsery in North Devon where his ancestors lived since 1700.Michael is worth more than £300m and in the last few years has bought and restored the village pub, an old hotel, and the fish and chip shop.