Elon Musk takes out gigantic mortgages on 5 California mansions

Elon Musk, one of the country’s wealthiest individuals, has taken out $61 million in mortgages on five luxurious mansions in California.

Bloomberg reported that the loans, financed through Morgan Stanley (NYSE: MS), are for homes located in the Bel Air neighborhood of Los Angeles (four) and one in Hillsborough, in the Bay Area.

Why did Musk, chief executive of Tesla Inc. (NASDAQ: TSLA), SpaceX and Boring Co. and whose net worth is estimated at $23.4 billion, need to take out mortgages for his mansions…

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