Posted by Staff writer on Dec 26, 2012 02:27 AM EST

Tesla Motors Owner Buys Long Rented Bel Air Estate

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CEO of Tesla Motors, Elon Musk more big
CEO of Tesla Motors, Elon Musk has purchased long rented Bel Air Estate for $17 million. (Photo : Reuters)

The Silicon-Valley based, electric vehicle baron, Tesla Motors CEO, Elon Musk, has reportedly bought the Bel Air estate he is currently renting. The estate was acquired for a whopping $17 Million.

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Tesla Motors Inc. is an electronic vehicle manufacturing giant that shot to fame after it introduced the famous "Roadster" a fully electronic sports car. The second model, Model S, is an electric luxury Sedan. Tesla also manufactures electric components like Lit-ion batteries for other manufacturers like Toyota and Daimler.

Tesla is currently headquartered in Palo Alto, California. Musk is also the founder of SpaceX and co-founder of PayPal. Musk lived in the Bel Air estate for three years before he decided on its purchase, reported Insider Monkey.

The property overlooks the beautiful Bel Air country club. The house is adorned by a lighted tennis court, a pool and spa, guest accommodation and a state-of-the-art gym. The estate also boasts of five garages, six bedrooms, nine bathrooms and five fireplaces along with a two-story study/library. A wine cellar that can hold 1,000 wine bottles is also one of its attractions, reported Insider Monkey.

The place was put up for sale in the market in 2008 with an asking price of $27 million, reported The Wall Street Journal.

The house is actually owned by Mitch Julis, co-founder of hedge fund, Canyon Capital. The property was built in 1990.

Musk's decision to purchase the place was attributed to his desire for revamping and customizing the place as per his taste, reported WSJ. Julis had agreed to the price offered by Musk in 2012 in order to gain capital-gain tax incentives, reported WSJ.

Sotheby's International Realty assisted Musk in all the transactions. 

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