February 27, 2021



Elon Musk sells four Bel Air homes in $ 62 million deal

By James McClain | Variety

Elon Musk is officially no longer a Los Angeles homeowner. The Tesla and SpaceX tycoon began 2020 with six Bel Air houses to his name, but in June he sold the largest of them for $ 29 million to Chinese billionaire William Ding. In October, he sold a second property, the former Gene Wilder house, to Wilder’s nephew. And now he has seriously made good on his promise to “own no house” – records show the four remaining Musk properties have sold in a nearly $ 62 million single deal. The buyer is prominent local developer Ardie Tavangarian, who first announced the purchase to Bloomberg way back in July, though the sale didn’t close until just last week.

Musk originally put the four houses up for sale in May as a package estate tagged with a $ 62.5 million asking price, but the unusual thing about the estate is that it’s not really an “estate” at all – only two of the homes are contiguous, and all four structures have wildly divergent architectural styles. One of them is an ultra-contemporary mansion; next door is an elegant neoclassical Colonial house. Across the street lies a modest traditional bungalow, while the house on the hillside below was originally built in 1954 as a humble midcentury modernist ranch, but has since been majorly redone into a sprawling mansion that’s perhaps best described as’ 90s modern, with a midcentury twist.

Musk acquired the properties in four separate transactions from four different sellers between summer 2015 and early 2019, paying a total of $ 55 million. He also spent significant sums – probably well into the millions – in construction costs to finish the largest home, so it seems unlikely he walked with any significant profit.