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NetEase CEO Ding Lei Buys Elon Musk's LA Mansion For USD29 Million

June 23, 2020 0:28 pm

Beijing (PingWest)- Ding Lei, founder and CEO of Chinese gaming firm NetEase which launched its Hong Kong IPO earlier this month, has bought Tesla CEO Elon Musk’s home in Bel-Air area of Los Angeles for USD29 million, the Wall Street Journal reported, citing public records.

Prior to home selling, Elon Musk wrote in a Twitter that he plans to dispose much of his possessions because he doesn’t need them anymore.

“I am selling almost all physical possessions. Will own no house. Don’t need the cash. Devoting myself to Mars and Earth. Possession just weigh you down,” Musk said in a tweet.

The property had been listed for USD30 million in early May. The listing was particularly notable in that it was “for sale by owner,” which means that Elon Musk didn’t use an agent to list the property.

The buyer is a limited liability company tied to William Ding, a Chinese billionaire He was represented by Scott James of Douglas Elliman, the report quoted the public records as saying.

Located in the Bel-Air Country Club, the seven-bedroom house was built in 1990, the house was made up of other amenities include a two-story library, a home theater, a two-room guest suite, a tennis court, a wine cellar, a gym and a pool.

In 2012, Elon Musk purchased the house for USD17 million from Mitchell Julis, who is co-founder of hedge fund Canyon Capital Advisors, according to public records.

Musk also have five other California properties on the market for nearly USD100 million.

Guangzhou headquartered NetEase is a Chinese internet technology company that primary focus on developing online and mobile games, with business units in education, e-commerce, advertising and email services in China.

In 2019, Ding ranked world’s 45th richest person with a net worth of CNY 154 billion (USD21.8 billion), according to Hurun’s billionaire list. It is unclear why Ding purchased a house in California, except that NetEase opened an office in the state in 2014.

On June 11, Guangzhou-based NetEase, which went public on Nasdaq in 2000, issued 171 million new ordinary shares as part of its Hong Kong offering to raise HKD21.09 billion. The funds will be used to support its global expansion, purse front-tier technologies as well as general corporate purposes, NetEase said.