Skip to main content

Market Overview

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

Share:
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.

EXCLUSIVE: Wells Fargo Home Lending's Kristy Fercho On The Challenges Facing The Housing Market

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. 

 

 

Related Articles (TSLA)

View Comments and Join the Discussion!

Posted-In: Bay Area California Association of Realtors Elon Musk luxury homes trendy storyNews Real Estate Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com