Billionaires Elon Musk and Mark Zuckerberg leveraged mortgages to buy multimillion-dollar mansions
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Even the world’s most affluent people sometimes need a mortgage.
Key facts
What’s even more interesting is that she and her husband, Carter Reum, reportedly took out the loan after they had already bought the 12-bed, 20-bath home, which shows a $43.75 million mortgage
In 2012, Zuckerberg refinanced his Palo Alto home with a 30-year, 1.05% adjustable-rate mortgage
Take Paris Hilton, who took out a mortgage on the $63 million mansion she bought from Mark Wahlberg in Beverly Hills
The Tesla CEO has taken out several mega mortgages, including $61 million from Morgan Stanley, on five properties in California, according to the Los Angeles Times
Summary
Elon Musk is the world’s richest man, on track to become the first-ever trillionaire (or may already be one ), but he’s done one thing most average Americans have to do: take out a mortgage. The Tesla CEO has taken out several mega mortgages, including $61 million from Morgan Stanley, on five properties in California, according to the Los Angeles Times. But financial experts say taking out a mortgage—even when you could easily pay cash—can be a smart wealth strategy. One of the main reasons is that most of the wealth held by UHNW people is tied up in investments, stocks, and bonds, and they don’t keep as much liquid cash on hand. “Ultrahigh-net-worth individuals think differently about liquidity and leverage,” Miltiadis Kastanis, executive director of sales at Compass, told Fortune.