Elon Musk reduces asking price on Hillsborough mansion to $32M

The Tesla CEO has been on a property-selling spree since he announced his plans to sell most of his earthly possessions

San Francisco /
Oct.October 14, 2021 09:47 AM
Elon Musk & 891 Crystal Springs Rd (Getty Images, zillow.com)

Elon Musk has reduced the asking price for his 16,000-square-foot Bay Area mansion.

As the world’s richest person continues his quest to “own no house,” Musk reduced the asking price of his home by more than $5 million to $31.99 million, Bloomberg reported.

The seven-bedroom, 10 bathroom Spanish-style mansion, which was originally built more than a century ago in 1916, sits on a 47-acre lot in Hillsborough. The home features a fully restored kitchen, a library, a music room and a private pool.

The Tesla CEO, whose net worth is more than $225 billion, has been on a property-selling spree since he announced his plans to sell most of his earthly possessions in an effort to quell criticism of his vast wealth.

Musk sold his 16,000-square-foot Bel Air mansion for $29 million to NetEase founder and Chinese billionaire William Ding back in June 2020. The sale price was 40 percent above the $17 million Musk paid for the property in 2012.

A month after that, spec home developer/designer Ardie Tavangarian purchased four homes Musk owned at 10947 Chalon Road and 954, 955 and 958 Somera Road. The homes were billed as four separate properties, but Tavangarian plans to combine the adjacent properties into one. While the final sale price has not been released, the properties were listed for a total of $62.5 million.

Musk also listed another mansion for sale in San Francisco in June of this year. The 9-bedroom, 9.5-bathroom home has an asking price of $37.5 million.

Last week the billionaire announced Tesla will move its headquarters out of Silicon Valley, to Austin, Texas. Musk claims the area’s high cost of housing and long commute times were limiting the company’s growth. Additionally, last year, local health officials blocked his attempts to reopen the company’s Fremont factory.

Musk is currently living in a 375-square-foot accessory dwelling unit from Boxabl. He is “renting” the unit from his company SpaceX, which has a manufacturing and testing facility in the area. Texas offers Musk a relief from California’s personal income tax, which is the highest tax on wealthy residents in the country.

[Bloomberg] — Victoria Pruitt





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