July 6, 2020
AliExpress WW
Musk Sells Bel-Air Home To Chinese Billionaire For $12 Million More Than He Paid For It In 2012

Musk Sells Bel-Air Home To Chinese Billionaire For $12 Million More Than He Paid For It In 2012

AliExpress WW

That was a little over a month ago we wrote that Elon Musk claimed to sell “almost all” of his physical property, and put his houses on the market.

AliExpress WW

Now he has found a buyer for his Bel-Air mansion.a Chinese billionaire who seems pleased to have given Mask over $ 29 million for his home. Buyer tied to billionaire William Ding, according to Business Insiderwho is the founder and CEO of NetEase.

Ignoring the fact that it is strange for the Musk to unload their assets at the same time that Tesla’s valuation is at or at almost all maximum values ​​of $ 185 billion.Musk was able to cash this home for $ 12 million (which he bought for $ 17 million in 2012) at the height of the real estate market, which is experiencing chaos both on the demand side and on the demand side as a result of the coronavirus. pandemic.

Even stranger was that in early May we took the time to note that, according to Bloomberg: “Fewer buyers came from China, “Russia and the Middle East, amid international tensions and limiting tax deductions in the states and at the local level, have reduced the attractiveness of owning homes in California for wealthy buyers in the United States.”

So Musk not only turned out to be a buyer from China, he found someone who was willing to pay him a $ 12 million premium for his home in 2012.

Recall we also celebrated in 2019 Musk took a $ 61 million mortgage on five of his California homes. Four of these properties were in the Bel Air area.

The loans were signed by Morgan Stanley and at that time represented new borrowings for Musk in the amount of $ 50 million. One of the loans was a refinancing of real estate with an area of ​​20,200 square meters. M, which Musk acquired in 2012 for $ 17 million. The initial $ 10 million loan he took on property turned into a $ 19.5 million debt with a monthly repayment of about $ 180,000.

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