Background
Elon Musk is an America business magnate, investor, and engineer. He is at the forefront of developing sustainable energy sources and has been a trailblazer of the modern tech industry. Born in South Africa and raised in Canada, Musk achieved international fame when he founded the electric carmaker, Tesla Motors and became the CEO of SpaceX. Elon doesn’t just bring big ideas to the table – he’s one of the most ambitious people of our time and his ambition doesn’t stop with just one project. He’s also a real estate mogul with a portfolio that stretches across the globe.
Los Angeles
Musk calls Los Angeles his homebase and is reported to own at least five homes in the area. His largest estate is a 20,248 square foot mansion in Bel Air that previously belonged to Gene Wilder. The Bel-Air residence features 7 bedrooms, a two-story library and a 70-foot pool, and it’s here that Musk and his six sons apparently spend most of their weekends. Other homes in the area include two condos in the Hollywood Hills and a property in the exclusive Brentwood neighborhood.
New York City
In December 2019, news broke that Musk had purchased a 4,000-square-foot penthouse on the Upper East Side of Manhattan. The 4-bedroom, 5-bathroom unit comes with a library, living and dining rooms, an eat-in-kitchen, and two terraces. Musk also reportedly owns two other properties in the city, including a triplex apartment in Brooklyn Heights and an 8-bedroom, 5-bathroom townhouse in Greenwich Village.
Texas
In the summer of 2020, Musk purchased 5,800 acres of land near the town of Boca Chica, Texas. The land is intended for the development of SpaceX, who plan to turn the area into a launch site for their Starship test flights. The total investment for this endeavor is estimated to be around $100 million.
Washington
Musk recently purchased a 168-acre property in Washington state. The estate, which was once a horse farm, boasts a 45-acre pond, hiking trails, and a collection of buildings with a total of 12 bedrooms.
Hawaii
In 2017, Musk purchased 141-acres of beachfront land on the Big Island of Hawaii. The property includes the secluded Lanaiulu Estate and several vacation homes. Musk reportedly uses the property extensively to host family vacations.
Australia
Though unlikely to be his home anytime soon, Musk is the owner of a 39.2-acre estate in the vibrant coastal city of Sydney. It was purchased in April 2019 for a reported price of $9.4 million. The estate was reportedly purchased for vacation use and to take in some of the gorgeous views of Sydney’s harbor.
Real Estate Investments
As far as investment properties are concerned, Musk owns several in the Los Angeles area. One of his biggest investments is a 25,000-square-foot mansion situated in the exclusive Bel-Air neighborhood. Musk bought the property in 2013 for a reported $17 million, and he has since rented it out as a vacation home and movie shoot location. Other properties include a 20,000-square-foot estate in Holmby Hills, a 15,000-square-foot mansion in Beverly Crest, and two condo units in the Westwood neighborhood.
Impact on Local Communities
Musk’s investment portfolio consists mostly of luxury residences in highly sought-after areas. Though he may not be a permanent resident in any of these locations, his presence has had a considerable impact on the local communities. High-profile celebrities such as Musk often energize an area and attract increased investment, which leads to job creation and economic growth. In addition, the presence of these luxury properties often pushes up the local property market, which can lead to higher rents and a gentrified area.
Environmental Impact
As an outspoken advocate of sustainable living and renewable energy sources, it’s no surprise that Musk’s properties have made efforts to minimize their environmental impact. Musk’s Bel-Air estate is said to have its own solar energy system, while his New York penthouse has recently been equipped with Tesla powerwall batteries for energy storage. Tesla vehicles are also said to be parked at several of his properties, furthering his commitment to sustainable living.
Benefit to The Community
Though Elon Musk may own a portfolio of luxurious properties, that doesn’t mean that he doesn’t care about the people of the local communities he invests in. Musk has been generous in giving back to local schools and charities, and he even occasionally hosts events at his properties for local children. In addition, Tesla Motors employs thousands of people across the globe, providing an invaluable source of employment for many.
Limitations of Wealth
Although, having the money to purchase multiple luxurious properties in popular cities can seem like a dream come true, having such a wealth of choice also comes with its own set of dilemmas. With so many properties to choose from, it can become confusing as to what to do with each and where is the best place to call ‘home’. It can be difficult to be committed to any one particular property and being constantly on the move was not so easy pre-Covid, when traveling restrictions were not in place.
Real Estate Development
Though Elon Musk already has a number of properties in his portfolio, it doesn’t look like he plans on stopping anytime soon. Musk’s fondness for real estate has been cited as the inspiration for his latest venture, which is a full-service real estate development firm called The Boring Company. The Boring Company is reportedly working on several projects, most of which involve the construction of underground tunnels and “hyperloops” for high speed transportation.
Business Ventures
Apart from being an avid real estate investor, Elon Musk is also the proud founder of several successful business ventures. In 1999, he co-founded X.com, an online financial services and payment technology company that eventually became PayPal. In 2002, Musk founded SpaceX, which has since gone on to become a leader in the private space industry. He also founded Tesla Motors in 2003 and SolarCity in 2006. While his businesses have been criticized in the past, they’ve also been praised for their commitment to sustainable energy sources and their daring exploration of the unknown.
Conclusion
Elon Musk is a man with big goals and ambitions, and that is especially evident in his real estate portfolio. From luxury estates in Bel Air to a beachfront property in Hawaii and a sprawling ranch in Texas, it’s clear that Musk doesn’t shy away from a challenge and isn’t afraid to spread his investments across the globe. Not only that, but Musk’s commitment to sustainability and giving back to the local communities of each of his properties is something to admire.
