Musk mansion sells for $29 million, buyer for NetEase CEO Ding Lei

20 (Xinhua) — Tesla CEO Elon Musk has sold a property in the Bel-Air area of Los Angeles for $29 million,media reported, citing public records. Reported that the buyer is linked to NetEase CEO Ding Lei company.

Musk mansion sells for $29 million, buyer for NetEase CEO Ding Lei

In the United States, many rich people register a company or set up a trust, and then buy a property in the name of a company or trust, the information shows that the company or trust holds, in fact, belongs to the rich person. Buying a mansion without your own name can avoid tax.

Musk bought the house in 2012 from Mitchell Julis, co-founder of the hedge fund Canyon Capital Advisors, for $17 million.

Musk mansion sells for $29 million, buyer for NetEase CEO Ding Lei

The sale price is 40 percent higher than the $17 million Price Musk bought the property in 2012, according to the filing. Despite the volatile housing market in Los Angeles, it was only $1 million below Musk’s May listing price.

Musk mansion sells for $29 million, buyer for NetEase CEO Ding Lei