Elon Musk Slashes Price On Bay Area Mansion By 15%: What You Need To Know

One month after taking his “last remaining house” off the market after being unable to secure a buyer, Elon Musk is relisting his luxurious Bay Area mansion at a 15% reduced price.

What Happened: Bloomberg reported the Tesla TSLA chieftain is now asking $31.9 million for his 16,000-square-foot home in Hillsborough, California. The property was taken off the market on Sept. 11 with a $37.5-million price tag.

Musk acquired the home in June 2017 for $23.3 million and first listed it in May 2020 for $35 million. It was taken off the market in November 2020 and brought back in June 2021.

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Why It Happened: In May 2020, Musk tweeted he was rethinking his "attachment to the material world" and will be "selling almost all physical possessions."

By June, Musk sold most of his $100 million in real estate holdings and relocated to a $50,000 prefab home in Starbase, Texas, near the SpaceX headquarters.

The Bay Area property sits on a 47-acre parcel and is eight miles from San Francisco International Airport. The residence was built in 1916 and features six bedrooms and 10 bathrooms. Musk is not working with a real estate broker to facilitate the sale and has been renting the property for events while looking for a buyer.

Photo: The Elon Musk home in Hillsborough, California, courtesy of Zillow Group.