Elon Musk has reportedly shelled out $79million on six neighboring properties in Bel Air since 2012. The Tesla founder, who is worth roughly $26billion, is seen arriving at Los Angeles court last Wednesday for a hearing over a defamation lawsuit brought by British diver Vernon Unsworth, whom Musk called a ‘pedo guy’ on Twitter in 2018. During his testimony, Musk insisted that he’s not as rich as people think he is
Elon Musk may think he’s tight on cash, but his impressive real estate portfolio tells a different story.
The eccentric founder of Tesla, who is worth an estimated $26billion, has spent the past seven years building his own mini property empire in Los Angeles’ upscale Bel Air enclave by buying out his neighbors.
A Wall Street Journal investigation found that Musk and LLCs tied to him have shelled out around $79million for six properties on two adjacent streets since 2012.
The WSJ report was published Thursday, the day after Musk testified in Los Angeles court that he’s not as rich as people think he is.
‘People think I have a lot of cash. I actually don’t,’ Musk said during a Wednesday hearing over a defamation lawsuit brought by Vernon Unsworth, the British diver who the tech magnate called a ‘pedo guy’ on Twitter.
Musk was ultimately found not guilty of defaming Unsworth after his lawyers argued that his insult, made following the July 2018 rescue of a youth soccer team that was trapped in a Thailand cave, was no more than a playground insult and did not represent an actual allegation of pedophilia.
Now that he no longer faces the threat of having to pay the $190million Unsworth demanded, Musk could add even more homes to his Bel Air portfolio – something neighbors suspect he hopes to do.
A summary of the billionaire’s current holdings is broken down below.
10924 Chalon Rd – purchased for $17million in 2012
Musk began building his Bel Air real estate portfolio in December 2012 with the purchase of a $17million property overlooking Bel-Air Country Club.
The 20,248-square-foot home modeled after a French country estate boasts seven bedrooms and 13 bathrooms along with a wine cellar and a two-story library.
It sits on 1.7 acres, featuring a lighted tennis court, a pool and spa, a gym and five garages.
Musk had the property remodeled in 2014 and it is currently valued at $22.3million, according to Zillow.
The Elon Musk Revocable Trust bought the mansion from Mitchell Julis, co-founder of hedge fund Canyon Capital Advisors, and it was later transferred to Callisto, an LLC linked to Musk.
Musk began building his Bel Air real estate portfolio in December 2012 with the purchase of a $17million property overlooking Bel-Air Country Club at 10924 Chalon Road (pictured)
10930 Chalon Rd – purchased for $6.75million in 2013
Musk purchased a second home on Chalon Road in October 2013 for $6.75million – a steal compared to the original listing price of $7.995million.
The second home is considerably smaller than the first with just three beds and three baths over 2,756 square feet.
The home – once owned by actor Gene Wilder – initially served as the address for Ad Astra, the [home]school Musk set up for his five sons. The school’s address has since been changed to a building partially leased by SpaceX in Hawthorne.
Musk purchased a second home at 10930 Chalon Road (pictured) in 2013 for $6.75million
10947 Chalon Rd – purchased for $20million in 2015
An LLC called Camellia Ranch, which is registered at SpaceX’s headquarters, purchased Musk’s third Bel-Air home for $20million in July 2015.
The 7,026-square-foot home features six bedrooms and eight bathrooms and sits on a 3.47-acre lot.
The home was built in 1954 and underwent a remodel in 2009.
Musk purchased a third home at 10947 Chalon Road (pictured) in July 2015 for $20million
955 Somera Rd – purchased for $4.3million in 2015
Another one of Musk’s LLCs, Duck Duck Goose, purchased a property on Somera Road in July 2015 for $4.3million.
The four-bed, four-bath home spanning 2,963-square-feet was the first of three homes Musk purchased at the end of a cul-de-sac with five homes total between 2015 and 2019.
WSJ visited the home recently and described it as ‘unkempt’, with dead plants in pots by the front door and seven large trash bins outside the garage.
Neighbors said that it wasn’t uncommon to see the home in that state, and that it appeared no one was living there full time.
The neighbors also said the home was lit up with pink lights for Valentines Day last year.
The property is currently valued at $4.9million.
One of Musk’s LLCs, Duck Duck Goose, purchased a home at 955 Somera Road (pictured) in July 2015 for $4.3million
954 Somera Rd – purchased for $24.25million in 2016
Musk snapped up a neighboring property on Somera Road in September 2016 for $24.25million.
The 9,309-square-foot home has six bedrooms and seven baths sits behind a frosted glass wall.
Neighbors say the home has undergone several construction projects since 2011, years before Musk acquired it.
It is currently valued at $27.3million.
Musk snapped up a neighboring property at 954 Somera Road in 2016 for $24.25million
958 Somera Rd – purchased for $6.4million in 2019
The third home in the Somera Road cul de sac was purchased for $6.4million in January 2019 by Wyoming Steel, an LLC that shares SpaceX’s headquarters.
The two-story white brick Colonial home has four bedrooms and three bathrooms over 3,943-square-feet.
It is currently valued $4.2million, significantly less than what it sold for earlier this year.
Musk’s third home in the Somera Road cul de sac was purchased for $6.4million in January
Brian Ades, Musk’s real estate agent when he bought his first home on Chalon Road in 2012, told WSJ the billionaire decided to buy multiple houses in the neighborhood for ‘utility’, because he has a large family and hosts lots of visitors.
Ades praised Musk as being ‘ahead of his time’, given that real estate prices in that part of Bel Air have skyrocketed since he began snapping up properties.
Five of Musk’s six properties across Chalon Road and Somera Road have increased in value since he bought them.
The most lucrative purchase appears to have been the mansion at 10924 Chalon, which is now valued at $22.3million, 31 percent over the $17million Musk paid for it in 2012.