When it comes to cars, tunnels and rockets, Elon Musk thinks big. The same is true for his household finances.

The billionaire recently took out $61 million (Dh224m) in mortgages on five properties in California, four in the Bel Air neighborhood of Los Angeles and one in Hillsborough, in the Bay Area. The Morgan Stanley loans, signed in the final days of 2018, represent about $50m in new borrowing. One refinancing on a 1,877-plus square-metre property he bought in 2012 for $17m turned a $10m loan into a $19.5m debt.

The loans show how even the wealthiest people use mortgages to maintain liquidity. Mr Musk, with a $23.4 billion fortune, according to the Bloomberg Billionaires Index, is among ultra-wealthy property owners including Facebook’s Mark Zuckerberg, Citadel investment firm chief Ken Griffin, and music stars Beyonce and Jay-Z who have taken out monster mortgages. Mr Griffin stands out, with two secured in 2016 for a total of about $114m.

Representatives for Mr Musk at Tesla did not comment on the home loans. Susan Siering, a spokeswoman at Morgan Stanley, declined to comment…read more

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