One month after taking his “last remaining house” off the market after being unable to secure a buyer, Elon Musk is relisting his luxurious Bay Area mansion at a 15% reduced price.
What Happened: Bloomberg reported the Tesla TSLA chieftain is now asking $31.9 million for his 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.
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.
Related Link: Trump In Talks To Sell DC Hotel To A-Rod Connected Investment Firm
Why It 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 in real estate holdings and relocated to a $50,000 prefab home in Starbase, Texas, near the SpaceX headquarters.
The Bay Area 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 and has been renting the property for events while looking for a buyer.
Photo: The Elon Musk home in Hillsborough, California, courtesy of Zillow Group.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
