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Title: Where Elon Musk Lives Since He Pledged To Ditch ‘Almost All Physical Possessions’
Source: [None]
URL Source: https://www.forbes.com/sites/sergei ... l-possessions/?sh=3a382f5e4332
Published: Jul 3, 2021
Author: Sergei Klebnikov
Post Date: 2021-07-03 15:57:59 by BTP Holdings
Keywords: None
Views: 20

Where Elon Musk Lives Since He Pledged To Ditch ‘Almost All Physical Possessions’

Sergei Klebnikov Forbes Staff

DAILY COVER | Jul 3, 2021, 06:30am EDT

After promising to sell nearly everything he owned last year including six mansions in California, Tesla’s billionaire CEO has taken up residence in a studio-apartment sized rental – here’s what it looks like inside and out.

If you’re looking for the world’s third richest person, you won’t find him living among the billionaires. After selling off most of his real estate assets and moving to Texas in the past year, Tesla cofounder and CEO Elon Musk revealed in early June that he now only owns one house (in the Bay Area)—and that his primary residence is a tiny box house that he says he rents from his rocket company, SpaceX.

The house, which is around 400 square feet, is located in Boca Chica, Texas, where SpaceX produces its Starships. Musk, who has a net worth of $169.8 billion according to Forbes, rents a “foldable, prefabricated home” made by Boxabl, a housing startup company. The house, which Musk tweeted sells for about $50,000, typically has a setup akin to a small studio apartment: One large room partitioned into a living room area, bedroom area, kitchen and bathroom. In contrast to many other billionaires who own lavish mansions, Musk lives in an easily transportable 20x20 foot unit.

“It’s kinda awesome though,” Musk said on Twitter last month.

Casita Floor Plan
Floor plan of the Boxabl "Casita." BOXABL

The 50-year-old mogul first announced plans to sell all of his homes and most of his possessions last year, in response to criticism of his massive wealth. Musk has now nearly made good on his promise to do so, selling six of his seven properties.

“Only house I own is the events house in the Bay Area. If I sold it, the house would see less use, unless bought by a big family, which might happen someday,” Musk said on Twitter last month.

A few days later, he confirmed he had put it up for sale: “Decided to sell my last remaining house. Just needs to go to a large family who will live there. It’s a special place.”

The 47-acre property is located in Hillsborough, California—around halfway between San Francisco and Silicon Valley. The “over 100-year- old mansion” is a 16,000 square foot house that boasts nine bedrooms and ten bathrooms. It’s the last piece of real estate that Musk owns: He has listed it on the market for $37.5 million, having originally bought it for $23.4 million in 2017.

Musk has offloaded his Los Angeles real estate in the past year, often at slim profit margins—if any. He sold his first mansion, located on Chalon Road, for $29 million in June 2020; he had purchased it for $17 million in 2012.

In October, he sold a 2,700 square foot ranch-style house that used to belong to Willy Wonka actor Gene Wilder for $7 million (Musk bought it for $6.75 million in 2013), with the stipulation that the house “cannot be torn down or lose any [of] its soul.”

In December, Musk sold four Bel Air properties for a combined $61.89 million; He originally spent nearly $55 million on those properties, purchasing them between 2015 and 2019. Overall, Musk has made an estimated profit of $19.2 million on his six home sales over the past year.

Musk’s offloading of real estate comes after a battle with the state of California. The billionaire criticized the state’s coronavirus-related restrictions on operations at the Tesla factory in the Bay Area last year — leading to a lawsuit that Tesla later dropped — and also claimed that the state takes entrepreneurs for granted. In early December 2020, Musk confirmed that he was moving to Texas, citing the fact that two of his biggest projects—Tesla’s new factory and a SpaceX facility-are located there.

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Poster Comment:

One of the guys I work with took a trip to Haiti. He told me they helped build a 15 x 15 foot home there in which six people would live.

It looks as if Musk is changing his base of operations to Texas. I wonder if he will pay California Franchise Tax Board taxes on the $19.2 million in profit from the sale of those properties?

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