Actually they don't live long at all. Even the giant Pacific one is only about four years, according to this book.
This requires them to be just about the fastest-growing animals in the world.
http://www.simonandschuster.com/books/The-Soul-of-an-Octopus/Sy-Montgomery/9781451697742
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Oh that's too bad. I remember watching a doc about some biologists who went on the hunt to spot the infamous elusive giant oc and they found her, and it was magnificent, nature in all her marvel.