Elon Musk Is Selling His Home in California

Elon Musk Is Selling His Home in California

(TheRedWire.com) – On Thursday, October 7, Elon Musk announced that Tesla was officially moving its headquarters from California to Texas. Musk said the reason was simple: economics. Not only is it expensive to do business in California, but it’s also becoming more costly for employees to afford homes and scale a business in the state. On Monday, October 11, the billionaire tycoon put his Bay Area mansion up for sale for the third time for $32 million.

Musk’s 109-year-old, 47-acre California estate includes gorgeous views of the San Francisco Bay, a ballroom, banquet room, library, seven bedrooms, 9.5 bathrooms, a magnificent swimming pool, and a 5-star kitchen perfect for a personal chef. The tech entrepreneur initially put the property up for sale in May 2020 with a whopping price tag of $35 million. In November, he pulled the listing before relisting it in June for $37.5 million. In both instances, Musk tried to sell the property without a real estate agent.

Musk has criticized California for its complacency and high tax burdens on several occasions in the past. In addition to Tesla, the entrepreneur’s other business venture, SpaceX, is also in Texas.

Musk’s departure from California puts him in good company. From 2000 to 2020, California lost 2.6 million people to other states. From January 2018 to June 2021, 265 companies relocated their headquarters to other states to become more financially competitive and profitable.

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