Elon Musk sells $29 million California mansion to tech billionaire

By James McClain | Variety

If the electric cars and rockets thing doesn’t work out, maybe
Elon Musk should consider a second (third? fourth?) career in real
estate. Back in April, when he first listed several of his six Bel
Air homes on Zillow as “for sale by owner,” few in the high-end
property playground took him seriously. But, as it happened, all
the ensuing free publicity brought at least one serious buyer to
his doorstep.

As was first reported by the Wall Street Journal, records reveal
that Musk has successfully unloaded the titanic house that’s
served as his main residence in an all-cash deal. And the sale
price of $29 million is barely 3% under the $30 million asking
price and $12 million more than he paid for the property less than
eight years ago, back in late 2012.

Walled, gated and assuredly protected by a state-of-the-art
security system, the palatial residence measures in at more than
16,000 square feet, with seven bedrooms and 11 baths. Though the
crop of decidedly unprofessional photos included with the Zillow
listing leaves many aspects of the estate a mystery, it’s clear
there are lush, expertly-maintained gardens, a swimming pool with
inset spa, several alfresco dining patios, and garaging for at
least four Teslas. The multi-story house, a towering but
architecturally insipid structure, has A+ views that sweep over the
Bel Air Country Club, summiting at the Pacific Ocean and Catalina
Island on the horizon.

Records also reveal the property’s buyer is “William” Ding
Lei, a Chinese national and tech entrepreneur who remains largely
unknown in the U.S. but was once ranked as the richest man in
Mainland China. Today, he’s worth more than $25 billion,
according to Forbes. Ding founded the NetEase leviathan group of
companies that together comprise one of the largest online gaming
empires in the world, second in China only to Tencent.

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The transaction is all part of Musk’s highly-publicized plan to
“own no house,” though he still has a long way to go before
achieving that goal. As of early June, he still holds title to five
other Bel Air estates, plus a 47-acre compound up in Northern
California’s expensive Hillsborough community.

As for Ding, the former Musk estate is not his only California
residence. Back in 2011, he paid $17.7 million for a mansard-roofed
mansion in the exclusive Silicon Valley town of Atherton, Calif.,
where some of his nearest neighbors include the homes of
billionaires like Meg Whitman, Jan Koum and the $31 million
compound of Steph and Ayesha Curry.

Source: FS – All – Real Estate News 1
Elon Musk sells million California mansion to tech