Billionaire Elon Musk may have just spent $7,700,000 of his own money on his family’s mansion in Monaco, according to a new report.
The US billionaire, whose net worth has climbed from $14bn to $21.7 billion in recent years, bought the estate at the height of the housing bubble in 2006, when the property was worth $1.6m.
The estate now sits on a 10.8-hectare (27.5-acre) property, which the billionaire’s son bought last year.
The New York Times said the family’s “most valuable property”, worth about $4.5m, was sold to the hedge fund billionaire in 2012 for $3.5bn.
“Elon Musk is not one to be left out of the spotlight.
He has always been willing to give away his own wealth and make sure it is used to help others,” the report quoted an anonymous source close to the Musk family as saying.
“His family’s assets are vast and his daughter, Amal, is currently on a $500,000 per year salary from her hedge fund.”
The property was sold for about $3m to a private-equity fund, which has since been sold.
The sale of the property is a direct result of the current housing crisis, according the report.
“The property is owned by a private equity firm and was sold because of the severe financial crisis,” the source said.
“This sale has also benefited Elon’s daughter, and she has been given a raise and has a new job, which is much better than what she was getting before.”
Mr Musk is the second richest person in the world.
The other billionaire is billionaire investor George Soros, with a net worth of $23.4bn.
The billionaire has been vocal about the impact of the economic crisis and its aftermath on the US economy.
He also has an estimated net worth around $70bn.