Did Billionaire Elon Musk Sell All His Mansions To Live In A $50,000 House?

Despite a wealth of $162.8 billion and title of the world’s second-richest person (at this time), Elon Musk is shrinking his real estate assets and now lives in a $50,000 house.

What Happened: Musk, the CEO of Tesla Inc TSLA, made a promise of selling his $130 million in real estate assets in 2020 and has nearly completed the mission.

Musk now lives in a $50,000 prefab home in Starbase, Texas near the SpaceX headquarters, according to Teslarati.

My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though.

Only house I own is the events house in the Bay Area. If I sold it, the house would see less use, unless bought by a big family, which might happen some day.

— Elon Musk (@elonmusk) June 9, 2021

The house comes from Boxabl Casita and is a foldable prefab home available for quick installation. The home is a 20x20 unit, making it 400 square feet inside.

A November 2020 tweet from Boxabl showed a Tesla Model X towing a Boxabl Casita with 12,000 towing pound capacity.

Musk said he rents the house from SpaceX.

Related Link: 5 Things You Might Not Know About Elon Musk

Why It’s Important: Musk has made good on a promise to sell his real estate with the exception of one property listed for sale at $35 million. The home in Hillsborough (halfway between San Francisco and San Jose) features nine bedrooms and Musk wants to find a family that would use the space.

Four neighboring Bel Air, California houses were sold for $61.8 million earlier this year. In 2020, Musk sold two properties for $36 million. A $4 million home was also sold in 2019 by Musk.

One of the properties sold was the Willy Wonka house, previously owned by Gene Wilder. Musk sold the home to Wilder’s nephew, even providing him with a loan to finance the deal.

A study showed that Musk had one of the lowest carbon emissions of billionaires as he does not own huge mansions or superyachts. His carbon footprint is likely even lower now with fewer homes owned and the modest 400 square feet of living space.

Musk has been at odds with the state of California over several items, which led to a decision to move to Texas.

Living near the SpaceX headquarters and in Texas where Tesla has a new factory being built in Austin could put Musk near the action and able to make important daily decisions on two companies he runs.

Boxabl could get some major attention for the house Musk now lives in and could also be closer to landing a deal with SpaceX.

Boxabl has pitched Musk on creating housing units near SpaceX and also a model that could be used for living quarters on Mars someday in the future.

(Photo: Example of a Boxabl house via Boxabl)