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Elon Musk’s ‘main home’ is now a tiny 375 square foot prefabricated rented house worth just $50,000 

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Elon Musk, the world’s third richest man, is living in a tiny home worth just $50,000 on the SpaceX site in Texas

Over the past year, Musk has sold most of his real estate portfolio and listed his final property last month. 

The 50-year-old revealed in a tweet that he now resides in a modest rented home at his company’s Boca Chica, Texas, launch site that is worth just $50,000 – less than the cost of a base Tesla Model S.

‘My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though,’ he wrote, saying he also had an ‘events house’ in the Bay Area.

The entrepreneur, listed by Forbes as the world’s third richest man with a fortune of $167.3billion, is believed to be living in a 375-square-foot modular home made by the company Boxabl, according to the Musk fan blog Teslarati and the Houston Chronicle.

Though Musk has not confirmed the name of the company that made his home, a Boxabl unit appears to be visible on the site on Google Earth.

The company’s homes are tiny but stylish, set up like a studio apartment with an open plan living area, kitchen and bedroom, with an adjacent bathroom. 

The properties are assembled from a folded box made of concrete panels and steel.

Elon Musk, one of the world's richest men, is living in a tiny prefab house on the SpaceX site in Texas, according to reports. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

Elon Musk, one of the world’s richest men, is living in a tiny prefab house on the SpaceX site in Texas, according to reports. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The 50-year-old revealed in a tweet that he now resides in a modest rented home on his company's Boca Chica, Texas launch site, worth just $50,000 - less than the cost of a base Tesla Model S. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The 50-year-old revealed in a tweet that he now resides in a modest rented home on his company’s Boca Chica, Texas launch site, worth just $50,000 – less than the cost of a base Tesla Model S. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The entrepreneur is believed to be living in a 375-square-foot modular home made by the company Boxabl, according to the Musk fan blog Teslarati and the Houston Chronicle. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The entrepreneur is believed to be living in a 375-square-foot modular home made by the company Boxabl, according to the Musk fan blog Teslarati and the Houston Chronicle. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

'My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It's kinda awesome though,' he wrote in early June, saying he also had an 'events house' in the Bay Area. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

‘My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though,’ he wrote in early June, saying he also had an ‘events house’ in the Bay Area. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The company's homes are tiny but stylish, set up like a studio apartment with an open plan living area, kitchen and bedroom, with an adjacent bathroom. Pictured: A model of a Boxabl Casita

The company’s homes are tiny but stylish, set up like a studio apartment with an open plan living area, kitchen and bedroom, with an adjacent bathroom. Pictured: A model of a Boxabl Casita

Teslarati reported that the model Musk, who is said to be worth $167.3 billion, is renting is a mass-produced 20 feet x 20 feet ‘foldable prefabricated home,’ named the Boxabl Casita. 

Boxabl has not confirmed whether Musk is living in one of its homes but in November announced it had built a Casita for a ‘high-profile’ and ‘top secret’ customer in Boca Chica.  

The Las Vegas-based company set up in 2017 with the aim of building homes that could be shipped anywhere.

Co-founder Galiano Tiramani told the New York Post: ‘The goal of the company is to mass-produce housing on a scale and at a cost that’s never been done before,’ Galiano added. ‘We want to make housing dramatically more affordable for the world.’

The Casita model was the first of the company’s designs and, in a possible nod to Musk, the company has demonstrated it being configured for use on Mars.  

The company has also pitched the use of its housing units as a means to expand Starbase, Teslarati reported. 

Boxabl has not confirmed whether Musk is living in one of its homes but in November announced it had built a Casita for a 'high-profile' and 'top secret' customer in Boca Chica

Boxabl has not confirmed whether Musk is living in one of its homes but in November announced it had built a Casita for a ‘high-profile’ and ‘top secret’ customer in Boca Chica

Though Musk has not confirmed the name of the company that made his home, a Boxabl unit is appears to be visible on the site on Google Earth (above)

Though Musk has not confirmed the name of the company that made his home, a Boxabl unit is appears to be visible on the site on Google Earth (above)

Over the past year, Musk has sold most of his real estate portfolio and listed his final property last month [File photo]

Over the past year, Musk has sold most of his real estate portfolio and listed his final property last month [File photo]

Last summer, Musk began selling his real estate portfolio, saying he intended to give up most of his assets to focus on his mission to Mars. 

‘I am selling almost all physical possessions. Will own no house,’ the entrepreneur tweeted in May 2020. 

Musk listed his last remaining home, a California Bay Area mansion for sale in June for $37.5 million.

The home is on Crystal Springs Road in Hillsborough, and was used chiefly as a rental space for events, he said. 

Musk said he would like to sell it to a large family who will live there. ‘It’s a special place,’ he tweeted. 

Musk had gone on a spree the past 13 months, selling six of his properties, as well as one in 2019, for a total of $114 million.

He said he was doing it as a way to defuse criticism of his wealth, telling podcast host Joe Rogan last May: ‘I think possessions kinda weigh you down. And they’re kind of an attack vector. People say, ‘Hey, billionaire, you got all this stuff.’ ‘Well, now I don’t have the stuff — now what are you gonna do?” 

Boxabl set up in 2017 with the aim of building homes that could be shipped anywhere. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

Boxabl set up in 2017 with the aim of building homes that could be shipped anywhere. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The company has pitched the use of its housing units as a means to expand Starbase, Teslarati reported. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The company has pitched the use of its housing units as a means to expand Starbase, Teslarati reported. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

Musk has gone on a spree the past 13 months, selling six of his properties, as well as one in 2019, for a total of $114 million. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

Musk has gone on a spree the past 13 months, selling six of his properties, as well as one in 2019, for a total of $114 million. Pictured: A Boxabl Casita similar to the one Musk is said to be renting

The announcement that Musk is selling his mansion on Crystal Springs Road means he has nearly rid himself entirely of his properties i

The announcement that Musk was selling his mansion on Crystal Springs Road meant he has nearly rid himself entirely of his properties in California

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Maurice Investments sell London office building for €30.3m (GB)

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Allsop, acting jointly alongside Anton Page, has completed the sale of the freehold of a Grade A workspace in Aldgate, central London, on behalf of Maurice Investments for €30.3m (£26m). Acquired by Meadow Partners, the price is equivalent to approximately €1120 (£960) per ft² and a net initial yield of 5%.

 

Wool + Tailor, 10-12 Alie Street E1, comprises 27,158ft² of Grade A office and ancillary accommodation over nine floors. It is within a three-minute walk of Aldgate station and a 15-minute walk of six further train and underground stations, including Whitechapel which is on the newly opened Elizabeth line, and is multi-let to five tenants. Maurice Investments had initially acquired the building in an off-market deal advised by Allsop, which also went on to conclude a successful leasing campaign alongside Anton Page.

 

Wool + Tailor was redeveloped in 2019 to include two additional floors and a new façade, with BREEAM “very good” and EPC A and B ratings. It features an eco-friendly biodiverse roof, cycle racks to accommodate up to 36 bikes, and a WiredScore Gold certification with fibre optic internet. Wool + Tailor further benefits from outstanding natural light throughout, which is enhanced by floor-to-ceiling heights of up to 3.3 metres, and a 7th floor communal business lounge with dual aspect terraces offering panoramic views of the City and beyond.

 

Matthew Millman, Partner at Allsop, said: “The sale of Wool + Tailor concludes a highly successful business plan for our client where we advised on the off-market acquisition, letting, then disposal of what has become one of the finest buildings in Aldgate. Wool + Tailor satisfies the requirements of the modern investor and occupier for ‘best in class’ office space with strong ESG credentials, excellent connectivity and plentiful nearby cafes, bars and restaurants.”

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AnaCap secures €59m loan for Paris office deal (FR)

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Tristan Capital Partners’ TIPS One “Income Plus” Real Estate Debt Fund has provided senior debt financing to funds advised by AnaCap Financial Partners, to support the €59.25m acquisition of South Station, a freehold office asset located in Massy, in the second ring of Paris. South Station is a high-quality property ideally located in Massy – the largest economic centre in the Southern Paris area – and is adjacent to the town’s main transport stations (RER and TGV). The asset is one of the most attractive buildings in the submarket offering modern A-grade office space with excellent amenities.

 

The sale and partial leaseback acquisition will see the vendor CGG, a geophysics specialist, remain as the majority tenant. Pramena Investment will act as the asset manager for the property.

 

Ashil Sodha, Director, Debt Investment at Tristan Capital Partners, said: “As TIPS One continues to diversify, we are pleased to have closed our first loan in France. We are focused on lending on high-quality assets with the right ESG characteristics and we believe this loan exemplifies this strategy well. We look forward to working alongside AnaCap and Pramena and supporting them in optimising their strategy for this asset.”

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Barratt and David Wilson invest €45.5m in UK resi market

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Harworth Group plc has sold two residential land parcel at its Waverley and Thoresby Vale developments to Barratt and David Wilson Homes, for a total consideration of €45.5m (£39m).

 

At Waverley in South Yorkshire, Harworth has competed a €33.8 (£29m) land sale which will see the delivery of approximately 450 homes, of which over 30% will be affordable. This represents Harworth’s largest-ever serviced residential land sale by number of plots. The new homes will represent Barratt and David Wilson Homes’ fifth phase at the site and will be situated adjacent to both Highwall Park and the Waverley Lake, benefitting from unique water frontage in an area of the development known as Waverley Waterfront. Construction will follow a bespoke design code, devised in partnership between Harworth and Barratt and David Wilson Homes, that complements the existing Waverley development while maximising the amenity value of the area’s waterfront location. The development will include a pedestrianised promenade, further enhancing the site’s placemaking and connectivity.

 

At Thoresby Vale in Nottinghamshire, Harworth has exchanged on the sale of serviced land capable of delivering 174 homes, for €11.6m (£10m). This represents the second phase of the Thoresby Vale development, following the sale of two land parcels at the site to Harron Homes and Barratt and David Wilson Homes in 2019 and 2020 respectively. Alongside the new homes, Barratt and David Wilson Homes will provide a new surface water attenuation pond and a multi-use path and associated landscaping, which will enhance connectivity and link to the site’s planned primary school and local centre, for which site preparation works are currently underway. The sales conclude an active first half for Harworth’s residential developments, during which over 100% of its budgeted residential land sales for the year were completed, exchanged or under offer, and it also launched its first single-family Build to Rent portfolio.

 

Andrew Blackshaw, Chief Operating Officer at Harworth, commented: “Barratt and David Wilson Homes is a trusted and valued partner to Harworth, and we are pleased to be developing our relationship with these two significant land sales. Harworth is particularly well-placed in volatile markets as our serviced land provides housebuilders with a product which is de-risked and ready to build on from day one. The acceleration of both our Waverley and Thoresby Vale sites will see Harworth stepping through its strategy to take advantage of the placemaking and levelling up that these schemes ultimately bring to these communities. In addition, these sales will enhance the maturation of these socially diverse neighbourhoods when delivered alongside our recently launched single family Build to Rent product, Project Spur.”

 

Ed Catchpole, Joint Regional Director for Yorkshire & Central at Harworth, added: “Barratt and David Wilson Homes has a proven track record of high-quality housing delivery at Harworth sites, and these transactions will help to further accelerate the build-out and placemaking at Waverley and Thoresby Vale. Both sites are also set to benefit from additional investment which will see the creation of new Build to Rent homes and local amenities.”

 

Mark Cotes, Managing Director at Barratt and David Wilson Homes North Midlands, said: “We’re thrilled to have secured the land for an extension to our Thoresby Vale development and will look forward to another opportunity to meet the growing demand for housing in Nottinghamshire. Our growing community in Edwinstowe will continue to provide new jobs for local people and we’ll be making further ecological and financial investments as the development progresses.”

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