Elon Musk, the CEO of Tesla and SpaceX, is reportedly spending a considerable amount of time at a luxurious waterfront mansion in Austin, Texas, despite his public claims of living in a modest $50,000 modular home at SpaceX’s Boca Chica site. This mansion, owned by his fellow PayPal co-founder Ken Howery, is located in the exclusive Watersedge community on Lake Austin.

The estate, which Musk has been using as a guest, is an 8,000-square-foot mansion featuring high-end amenities that reflect the luxurious lifestyle often associated with billionaires. The property includes a waterfront pool, jacuzzi, and private boat slip, offering a serene and private retreat. It was purchased by Howery for over $12 million in 2018, setting a record for the Austin real estate market at the time. Given the booming property values in Austin, the mansion’s worth has likely increased significantly since then.

Musk has previously sold all of his California properties, which included nine mansions, for a total of $144 million, as part of his declaration to “own no house.” This strategic move has been linked to his need to raise cash to exercise stock options set to expire soon​.

Despite Howery’s assertions that Musk only stays as an occasional guest, the Wall Street Journal has reported that Musk has been actively house-hunting in Austin, seeking a trophy property that befits his status as one of the world’s wealthiest individuals.

This mansion in Austin not only provides a lavish living space but also aligns with Musk’s business operations, with Tesla’s headquarters now situated in Austin. The blend of luxury and strategic convenience makes this property an ideal temporary home for Musk while he searches for a permanent residence in the area.