Elon Musk slashes price of his Silicon Valley mansion. This is the reason

Elon Musk has decided to slash the price of his California mansion by $5.5 million as he struggles to sell the last of his remaining properties. Tesla chief executive officer’s 16,000-square-foot Bay Area house was offered for $31.99 million, down from $37.5 million from a prior listing.

The property listing of Musk’s European-style residence in Hillsborough, California, was first announced in a June tweet. Musk had said he’d “decided to sell my last remaining house. Just needs to go to a large family who will live there.”

Musk has a net worth of more than $225 billion, according to the Bloomberg Billionaires Index.

The Hillsborough home has seven bedrooms and ten bathrooms on a 47-acre lot. The house was originally built in 1916, it includes a library and music room, along with a fully restored kitchen and private pool.

Musk, 50, had said in June that the house is rented out for events, and that if he sold, it “would see less use, unless bought by a big family, which might happen some day.”

Decided to sell my last remaining house. Just needs to go to a large family who will live there. It’s a special place.— Elon Musk (@elonmusk) June 14, 2021

Last week, Elon Musk said the electric carmaker plans to move its headquarters from Silicon Valley’s Palo Alto, California to Austin, Texas, where it is building a massive car and battery manufacturing complex.

Tesla joins Oracle, Hewlett Packard Enterprise and Toyota Motor in moving U.S. headquarters to Texas from California, which has relatively high taxes and living costs.

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