Just in case there was any doubt that billionaire Elon Musk was serious about liquidating all of his residences, Bloomberg reports that the Tesla CEO has signed a letter of intent to sell not one, not two, but four residential properties to noted real estate developer Ardie Tavangarian in one bunch for an undisclosed amount.
While no one knows for sure what price Musk and Tavangarian have agreed upon for the four properties, they were previously listed with asking prices totaling more than $62 million. The news was announced via a press statement from Tavangarian himself, revealing that the deal will be made between Musk and a company controlled by the developer:
"Musk has signed a letter of intent to sell several properties in Los Angeles to Arya Chalon, LLC, a new entity led by developer/designer Ardie Tavangarian for an undisclosed amount. Arya Chalon, LLC will combine the multi-property portfolio into a new single development project to make it truly one-of-a-kind."
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As a real estate developer, Tavangarian specializes in luxury homes, so this four-into-one project would seem to be in keeping with that specialty. As for his prospects in turning the property around once it's completed, those remain to be seen, but the luxury housing market in LA has seen a rebound after several months of decline.
The four properties being sold by Musk to Tavangarian are all located adjacent to one another (as they would have to be in order for Tavangarian to be able to combine them into a single project) on Chalon Road in the Bel-Air neighborhood of Los Angeles. Time will hopefully tell more about what exactly Tavangarian has in mind for his new acquisitions, but if his statement to the press is any indication it's sure to be an impressive piece of luxury real estate.
What You Will Learn
- Elon Musk's decision to sell multiple luxury properties signals a shift in his real estate strategy.
- The properties are valued at over $62 million and are being sold to developer Ardie Tavangarian.
- Tavangarian plans to integrate these properties into a unique luxury development project.
- The luxury housing market in Los Angeles is showing signs of recovery.
