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Elon Musk Fails To Get Buyer For $37.5M Bay Area Mansion

Elon Musk Fails To Get Buyer For $37.5M Bay Area Mansion

Elon Musk has taken his “last remaining house” off the market after he was unable to secure a buyer for the luxurious Bay Area mansion.

What Happened: In May 2020, Musk tweeted he was rethinking his "attachment to the material world" and will be "selling almost all physical possessions." By June, Musk sold most of his $100 million real estate holdings and relocated to a $50,000 prefab home in Starbase, Texas, near the SpaceX headquarters.

However, Business Insider reported the Tesla (NASDAQ) chieftain was still the owner of a 16,000-square-foot home in Hillsborough, California. The property was taken off the market on Sept. 11 with a $37.5 million price tag.

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What Didn’t Happen: According to data from Zillow Group Inc. (NASDAQ: ZG) Musk acquired the home in June 2017 for $23.3 million and first listed it in May 2020 for $35 million. It was taken off the market in November 2020 and brought back in June 2021.

The property sits on a 47-acre parcel and is eight miles from San Francisco International Airport. The residence was built in 1916 and features six bedrooms and 10 bathrooms. Musk is not working with a real estate broker to facilitate the sale.

On the whole, California’s housing market has slightly slowed. According to the California Association of Realtors (CAR), existing single-family home sales in the state totaled 414,860 in August on a seasonally adjusted annualized rate, down 3.3% from July and down 10.9% from one year ago.

However, Musk cannot blame state trends for lack of buyers: home sales in the Bay Area were up 2.5% year-over-year, making it only one of two California regions that enjoyed higher sales activity from one year earlier. CAR Vice President and Chief Economist Jordan Levine noted the “higher-priced segments continue to see double-digit sales growth.”

Photo: The Elon Musk home in Hillsborough, California, courtesy of Zillow Group. 



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