Why did Elon Musk Sell All His Mansions, and Where Does He Live Now?

In 2020, Elon Musk announced that he would sell all his real estate assets, stating that owning multiple properties was a distraction from managing SpaceX and Tesla. By October 2021, he had fulfilled his promise, selling his last mansion in the San Francisco Bay Area for $32 million, effectively earning the title of a “homeless” billionaire.

But did he truly give up all his real estate? In this article, we will explore what properties Musk owned, what he still has left, and how long he intends to live without a home of his own.

Why Did Musk Decide to Sell All His Real Estate?

It is difficult to give a definite answer to this question since there were no obvious prerequisites for such a move. Musk simply announced via social media that he would sell all his homes. However, there are certain aspects of his personality that could have influenced this decision.

For instance, in a 2020 podcast with Joe Rogan, Musk openly stated that he aimed to get rid of all physical assets, which, in his opinion, tie a person down and distract from more important pursuits.

For Musk, that priority was the development of SpaceX and the Mars colonization project. He claimed that both the money raised and the time freed up from selling his properties would be directed toward these endeavors.

However, skeptics viewed this as a strategic PR move. In 2020, Musk frequently criticized California’s tax system for stifling businesses. Analysts speculated that this provided a convenient justification for relocating to a state with more favorable tax conditions. This theory is indirectly supported by the fact that Musk not only moved to Texas himself but also relocated SpaceX’s headquarters there.

Texas is advantageous for Musk because it has neither a corporate tax nor a wealth tax. In contrast, California not only has the highest income tax for wealthy and ultra-wealthy individuals (14%) but also imposes a corporate tax at a rate of 9%.

This topic remains controversial, dividing Musk’s supporters into two camps: those who see him as a visionary shaping humanity’s future and those who consider him a pragmatic businessman with a knack for public relations.

Elon Musk’s Mansions Before Selling His Real Estate

The Main Bel-Air Mansion

This was Musk’s primary residence, a 20,250-square-foot (1880 m²) mansion located in the prestigious Bel-Air neighborhood. Built in a colonial style, the house featured seven bedrooms, eleven bathrooms, a 1000-bottle wine cellar, and a massive terrace overlooking a golf course.

In total, Musk owned four mansions in Bel-Air, all situated close to one another. Essentially, they formed a single massive estate, with properties tailored for different purposes. The combined value of these homes was an estimated $70 million.

Gene Wilder House

This mansion was once the residence of actor Gene Wilder, best known for playing the lead role in the 1971 film Willy Wonka & the Chocolate Factory. Musk used the house to host guests and throw parties, for which he added a home theater and a billiard room.

The terraces of the house offered stunning views of Los Angeles and the Bel-Air Country Club golf course. When selling the property, Musk made it a condition that the new owner would not demolish the house and would preserve its historical value.

Guest Mansion in Bel-Air (Los Angeles)

Musk purchased this house in 2018 for a relatively modest $4.3 million and used it as a guest residence. At the time, it was the smallest property in his collection. The mansion also featured an art gallery, where Musk stored his personal collection of paintings.

Modern Mansion in Brentwood

This mansion was Elon Musk’s last residence before moving to his estate in Bel-Air. He lived there for only five years and sold it before his high-profile real estate sell-off in 2020.

The one-story, 9840-square-foot (914 m²) mansion served as a testing ground for Tesla’s smart home technology. The system allowed remote control of lighting, ventilation, heating, and the audio system via a mobile device.

Historic Mansion in Silicon Valley (Hillsborough Estate)

Like any major tech investor, Elon Musk had to have a mansion in Silicon Valley. This was his largest and most expensive residence, covering 16,000 square feet (1500 m²) on a sprawling 47-acre estate.

What Home Does Musk Live in Now?

Currently, Elon Musk resides in a modular home located in Boca Chica, Texas, within walking distance of the SpaceX factory. The house was designed by Boxabl and is part of their flagship Casita series, which maximizes functionality within a compact 37-square-meter (about 6×6 meters) space.

Essentially, it is a studio-style home with a single large room divided into functional areas: a living room, bedroom, kitchen, and bathroom. The house is technically owned by SpaceX, meaning that Musk rents it from his own company. While the exact terms of the arrangement remain undisclosed, Casita homes are known to cost around $50,000, with rental prices estimated at $250 per month.

Is Musk Looking for a New Home?

In mid-2024, rumors surfaced that Elon Musk was planning to buy a mansion in Los Angeles. In October, Page Six reported that he was considering building a family estate in Austin, Texas—a mansion with additional buildings to accommodate his children. However, Musk denied these claims, stating that he had no such plans.

These rumors are not entirely unfounded. Musk currently has 13 children from four different women, and a 37-square-meter (400-square-foot) home is far from ideal for a large family. Musk himself has even admitted that his small house starts to feel cramped whenever guests visit.

The latest speculation, reported by the Daily Mail, suggests that Musk is willing to spend $100 million on The Bristol, a massive 19,000-square-meter (204,500-square-foot) estate on the West Palm Beach coastline. The property previously belonged to Sidell Miller, the founder of Ardell and Matrix Essentials beauty brands. However, as with previous reports, there is no official confirmation of this claim.

Photo’s source: parametric-architecture.