September 10, 2020

Elon Musk Strikes Deal To Sell Multiple Homes In Los Angeles

Tesla boss Elon Musk is another step closer to fulfilling his pledge to “own no house.”
Los Angeles developer Ardie Tavangarian, who last year sold a lavish megamansion for $75 million, has struck a deal to buy several Los Angeles properties from Mr. Musk, the developer’s company, Arya Group, said in a statement Wednesday evening.
Mr. Musk, 49, signed a letter of intent to sell the properties to Arya Chalon LLC, a new entity created by Mr. Tavangarian, which will redevelop the properties into “a new single development project to make it truly one of a kind,” according to the statement from Arya Group, which declined to disclose the agreed-to sale price.

The deal is for a set of four homes Mr. Musk listed together in May for a combined $62.5 million. They include a four-bedroom mansion on Chalon Road, plus three substantial houses on Somera Road, located on the hillside above the Chalon property.
Mr. Musk put more than $100 million worth of California real estate on the market in mid-May, after an impromptu announcement on Twitter that he would sell most of his physical possessions.

“Don’t need cash,” he wrote in a follow up Tweet. “Devoting myself to Mars and Earth. Possession [sic] just weigh you down.”
He made history the same month, when SpaceX, the aerospace company he founded, launched NASA astronauts into space from U.S. soil for the first time in nearly a decade.
Besides the $62.5 million development opportunity, Mr. Musk also listed two other mansions on Chalon Road, one of which he reportedly sold this month to Chinese billionaire William Ding for $29 million. The other, a white-shingle ranch and the longtime home of late actor Gene Wilder, is still on the market for $9.5 million.
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Mr. Musk also owns a historic 47-acre estate in Hillsborough, California, near San Francisco, which he purchased a few years ago for $23.364 million, according to property records. He’s now asking $35 million for the house.
The billionaire’s fortune has bloomed over the past year to a total of $51.7 billion, according to Bloomberg, which first reported the multi-property deal.

Mr. Musk did not immediately return a request for comment.

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