Elon Musk Cuts Price Of 7-Bedroom California Home To.

Elon Musk Cuts Price Of 7-Bedroom California Home To...

Elon Musk decided to sell the last of the homes he owns.

Elon Musk reduced the offer price on the California mansion he's selling as the world's richest person cuts ties with the state.

The Tesla Inc. chief executive officer's 16,000-square-foot Bay Area house was offered for $31.99 million, down about $5.5 million from a prior listing, according to a real estate posting on Zillow.

Musk - who has a net worth of more than $225 billion, according to the Bloomberg Billionaires Index - tweeted in June that he's decided to sell the last of the homes he owns, more than a year after he announced plans to get rid of most of his possessions as a way to blunt criticism of his wealth.

The Hillsborough, California, home currently listed has seven bedrooms and ten bathrooms on a 47-acre lot. 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."

The billionaire announced last week that Tesla will move its headquarters to Austin, Texas, citing how steep housing prices and long commute times in the San Francisco Bay Area are limiting the company's growth. He didn't bring up his clash with local health officials who temporarily blocked his efforts to reopen Tesla's factory in the city of Fremont last year.

He moved to Texas last year as his SpaceX company developed its new Starship vehicle and Tesla's new Gigafactory was under construction in Austin. Texas is Tesla's third-biggest market in the U.S., behind only California and Florida, despite years of opposition from auto dealers to its direct sales model. The state has no personal income tax, whereas California imposes the highest personal income levies in the nation on its wealthiest residents.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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