Elon Musk turns to Morgan Stanley for five monster mortgages
When it comes to cars, tunnels and rockets, Elon Musk thinks big. The same’s true for his household finances, Trend reports citing Bloomberg.
The billionaire recently took out $61 million in mortgages on five properties in California, four in the Bel Air neighborhood of Los Angeles and one in Hillsborough, in the Bay Area. The Morgan Stanley loans, signed in the final days of 2018, represent about $50 million in new borrowing. One refinancing on a 20,200-plus square-foot property he bought in 2012 for $17 million turned a $10 million loan into a $19.5 million debt.
His monthly payment: about $180,000.
The loans show how even the wealthiest people use mortgages to maintain liquidity. Musk, with a $23.4 billion fortune, according to the Bloomberg Billionaires Index, is among ultra-wealthy property owners including Mark Zuckerberg, Ken Griffin, and Beyonce and Jay-Z who have taken out monster mortgages. Citadel founder Griffin stands out, with two secured in 2016 for a total of about $114 million.
Representatives for Musk at Tesla didn’t respond to emails seeking comment. Susan Siering, a spokeswoman at Morgan Stanley, declined to comment.