Tech billionaire Elon Musk is making good on his promise to “own no home”—an out-of-the-blue pledge he made in the spring—selling a handful of Los Angeles properties last week for upward of $60 million. The Tesla boss, 49, has parted with four homes, according to listing records and sources. All are now part of the property portfolio belonging to local developer Ardie Tavangarian, a representative for the developer confirmed. Earlier this year, Mr. Musk signed a letter of intent to sell the properties to Arya Chalon LLC, an entity created by Mr. Tavangarian.
The properties are set to be transformed into “a new single development project to make it truly one of a kind,” according to the statement released by Mr. Tavangarian’s Arya Group in July. The most expensive of the bunch sold for $29.71 million, records show. It was joined by two other homes—one neighboring and one nearby—on the same Bel Air street that sold for $6.77 million and $4.6 million. The fourth property, a four-bedroom mansion overlooked by the other homes, sold for $21 million, according to the representative.
Mr. Musk listed all four homes together in May, just weeks after his impromptu announcement, for a combined $62.5 million. In total, the electric car tycoon, who’s company did not immediately respond to a request for comment, paid roughly $55 million for the homes in separate deals between 2015 and 2019, records show. Besides the $62.5 million development opportunity, Mr. Musk also listed two other mansions following his Twitter declaration, one of which he reportedly sold in June to billionaire William Ding for $29 million. The other, a white-shingle ranch and the longtime home of late actor Gene Wilder, reportedly sold in October for $7 million to Wilder’s nephew.
Article source: Mansion Global