Disgraced WeWork co-founder Adam Neumann’s 11-acre California property formed like a guitar has offered for $22.4 million, 10 months after it was first put in the marketplace with a $27.5 million price ticket. 

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The sprawling seven-bedroom, seven-bathroom property in Corte Madera, positioned 15 miles north of the San Francisco Bay Space, was snapped up by a thriller bidder on March 12, in response to the New York Post

Its sale comes as Neumann, 41, continues to dump his property portfolio, together with his luxurious Hamptons farmhouse and Westchester County property, within the wake of his dramatic fall from grace and ousting from the corporate he co-founded again in 2010. 

The eccentric businessman’s unraveling got here in 2019 as the corporate’s hotly-anticipated IPO failed and reviews surfaced that he had cashed hundreds of thousands out of the corporate within the months prior. 

Since then, staff have spoken out concerning the ‘cult-like’ setting at WeWork and the conduct of its so-called ‘partyer in chief’ which included smoking marijuana on personal jets and attempting to turn out to be immortal.

Neumann’s wealth has reportedly plummeted from as a lot as $14 billion on the peak of his unicorn enterprise’s reign to round $750 million, in response to Forbes, and he and his spouse Rebekah have fled the drama with a transfer to Israel.   

Disgraced WeWork co-founder Adam Neumann's 11-acre California estate shaped like a guitar has sold for $22.4 million, 10 months after it was first put on the market with a $27.5 million price tag

Disgraced WeWork co-founder Adam Neumann’s 11-acre California property formed like a guitar has offered for $22.4 million, 10 months after it was first put in the marketplace with a $27.5 million price ticket

A view inside the music studio above decked out with speakers, a recording booth and plenty of space for instruments. It is shaped like a guitar earning the home its nickname

A view contained in the music studio above decked out with audio system, a recording sales space and loads of area for devices. It’s formed like a guitar incomes the house its nickname

The 800 Corte Madera Avenue property is known as the 'Guitar House' because the mansion has a living room shaped like the musical instrument

The 800 Corte Madera Avenue property is called the ‘Guitar Home’ as a result of the mansion has a lounge formed just like the musical instrument

The eccentric businessman's unraveling came in 2019 as the company's hotly-anticipated IPO failed and reports surfaced that he had cashed millions out of the company in the months prior

The eccentric businessman’s unraveling got here in 2019 as the corporate’s hotly-anticipated IPO failed and reviews surfaced that he had cashed hundreds of thousands out of the corporate within the months prior

Along with his wealth dwindling and an ongoing authorized battle with Softbank over the failed IPO, the sale of the Corte Madera will little doubt be welcome information to the previous CEO. 

Neumann first listed the 12,500 sq. foot property, which sits on 10.8 acres of land, for $27.5million in August.

It languished in the marketplace enabling the fortunate new proprietor to knock a princely sum of $5.1 million off the unique asking value.  

However Neumann has nonetheless bagged a good-looking revenue of $1 million after he initially paid $21.4 million for the property again in 2018. 

The Corte Madera house is called the ‘Guitar Home’ as a result of the mansion’s music room is formed just like the musical instrument.

It was designed by architect Sim Van der Ryn and was previously owned by the late music producer Invoice Graham, in response to a previous Zillow itemizing. 

The primary house boasts seven bedrooms and 10,000 sq. foot of dwelling area in addition to a gourmand chef’s kitchen and workplace area. 

The house is ideal for entertaining with a house theater and billiards room and a bar and a spacious two bed room, two toilet guesthouse for guests. 

The expansive property boasts high ceilings and plenty of windows for natural, sunny light to enter the home

The expansive property boasts excessive ceilings and loads of home windows for pure, sunny mild to enter the house

The luxurious home was designed by architect Sim Van der Ryn and was formerly owned by the late music producer Bill Graham

The luxurious house was designed by architect Sim Van der Ryn and was previously owned by the late music producer Invoice Graham

Cavernous hallways and modern architectural features make this home one of a kind, located just 15 miles north of San Francisco

A unique fireplace in the home pictured above

Cavernous hallways and fashionable architectural options make this house one in every of a sort, positioned simply 15 miles north of San Francisco 

The home features seven bedrooms, 9.5 bathrooms and an expansive back patio perfect for watching the sunset

The house options seven bedrooms, 9.5 bogs and an expansive again patio excellent for watching the sundown 

An aerial view of the expansive property that features an orchard, garden and tennis court above

An aerial view of the expansive property that options an orchard, backyard and tennis court docket above

Inside its acres of land, there’s a pool, cabana with its personal kitchen and half toilet, water slide, racquetball court docket, and natural gardens and an orchard.

The brand new proprietor may dwell off grid and self-sufficiently due to the sprawling property’s private water nicely, photo voltaic and geothermal programs, greenhouse, vegetable and herb gardens, rooster coop and bee harvesting farm. 

The property, offered by Compass, relies within the California city of Corte Madera, house to lower than 10,000 individuals with a median family earnings of $147,587. 

The sale of the property came about simply days earlier than the discharge of documentary ‘WeWork: Or the Making and Breaking of a $47 Billion Unicorn’ on Hulu, portraying the controversial boss as a ‘manipulative cult chief’. 

It marks the most recent sale of Neumann’s actual property after he amassed a formidable portfolio inside a decade of founding WeWork together with spouse Rebekah and Miguel McKelvey in 2010.

Inside lower than a decade the co-working agency had turn out to be essentially the most priceless start-up within the US and he and Rebekah had spent round $80 million shopping for not less than 5 luxurious properties throughout the US.   

He purchased the estate for $21.4million in 2018. It's just one of the many properties he owned across the country before offloading them

He bought the property for $21.4million in 2018. It is simply one of many many properties he owned throughout the nation earlier than offloading them 

A view of an airy, tranquil bedroom above with an attached terrace for soaking up the sun and stunning scenery

A view of an ethereal, tranquil bed room above with an hooked up terrace for absorbing the solar and gorgeous surroundings

Stay a while! A sitting area in the home offers breathtaking views of the nearby mountains and woods

Keep some time! A sitting space within the house affords breathtaking views of the close by mountains and woods 

The home boasts seven bedrooms, a pool, water slide, home theatre, racquetball court, and organic gardens and an orchard

The house boasts seven bedrooms, a pool, water slide, house theatre, racquetball court docket, and natural gardens and an orchard

In March 2020, Neumann offered his luxurious Hamptons getaway at an almost-$500,000 loss, with the deal closing for $1.25million seven years after he purchased the house for $1.7 million in December 2012.

The Water Mill farmhouse, in-built 1994, boasted a 1.42 acre lot and 4 bedrooms with breathtaking views overlooking 170 acres of agricultural reserves and scenic easements.

Neumann then offered his Westchester County property for near its asking value of $3.39 million in August.

The Colonial property in upstate New York counts Ralph Lauren and Martha Stewart as neighbors and options 5 bedrooms and 5 bogs inside its 6,000 sq. foot area.

He additionally put his luxurious Manhattan house in the marketplace final February, with a $37.5 million price ticket. 

The Neumanns fully redesigned the duplex condo in Manhattan’s elite Gramercy neighborhood, shopping for 4 flats within the Nineteen Twenties apartment constructing, together with its penthouse, in 2017 and merging them into an enormous three-story condo.   

The New York Metropolis continues to be in the marketplace greater than a yr later.  

From the bathroom the new owner can take in the sprawling views across the California countryside

From the toilet the brand new proprietor can take within the sprawling views throughout the California countryside  

A view of a TV room in the house pictured above, perfect for big groups and entertaining with views of the lush gardens

A view of a TV room in the home pictured above, excellent for giant teams and entertaining with views of the luxurious gardens

The house features many rooms that lead into the outdoors, creating a unique open oasis for residents

The home options many rooms that lead into the outside, creating a singular open oasis for residents 

Life's a ball! A view of the racquetball court inside of the home above, making it perfect for active families

Life’s a ball! A view of the racquetball court docket within the house above, making it excellent for energetic households 

It also features a music studio/home theatre and spacious two bedroom, two bathroom guesthouse

It additionally encompasses a music studio/house theatre and spacious two bed room, two toilet guesthouse

The shrinking of Neumann’s property portfolio comes as his wealth has reportedly dwindled following his abrupt exit from WeWork.

WeWork was based in 2010 as an organization providing co-working area for smaller companies and self-employed employees. 

In 2019, Neumann filed the corporate’s hotly-anticipated IPO paperwork, resulting in a more in-depth inspection of the internal workings of the unicorn enterprise.

Stories surfaced that Neumann had cashed $700 million out of the corporate shortly earlier than the IPO and staff spoke out about his eccentric conduct.

This noticed the corporate’s worth plummet to lower than $8billion from $47billion, IPO plans have been shelved and Neumann stepped down as CEO that September, amid claims the board was planning to oust him. 

To melt the blow, Neumann walked away with a golden parachute to the sum of $1.7 billion, which sparked extra outrage as he left the corporate in tatters with its worth plummeting to lower than $8 billion from $46 billion within the area of two months.

Hurun World Wealthy Checklist mentioned that Neumann’s wealth plunged by 80 % or $100 million each single week between January 2019 and January 2020 because the scandal escalated.     

After the botched try to go public, Japanese conglomerate SoftBank agreed to bail out WeWork in a $3 billion tender provide, saving it from monetary collapse. 

The expansive deck offers various places to sit and lounge and enjoy the great outdoors with stunning nature views

The expansive deck affords numerous locations to take a seat and lounge and benefit from the nice outside with gorgeous nature views

The home includes a waterslide and massive pool as well as a guest house with two bedrooms and two bathrooms

The house features a waterslide and big pool in addition to a visitor home with two bedrooms and two bogs

For those with the green thumb! The home also has expansive gardens and orchards for plant lovers

For these with the inexperienced thumb! The house additionally has expansive gardens and orchards for plant lovers

At night the estate becomes a dreamy oasis offering unique views of the surrounding mountains and woods

At evening the property turns into a dreamy oasis providing distinctive views of the encircling mountains and woods 

The home also includes sparkling cityscape views of San Francisco and the iconic Golden Gate bridge

The house additionally consists of glowing cityscape views of San Francisco and the enduring Golden Gate bridge

The deal would have allowed the financial institution to purchase shares of WeWork at an agreed upon value final yr, with the cash going to present and former worker shareholders, exterior shareholders and Neumann.

Neumann would have offered almost $970million of his WeWork shares to Softbank and obtain money funds of $185million.

However SoftBank backed out of the deal saying WeWork did not meet the circumstances of its contract and cited authorized inquiries by the US Division of Justice and the Securities and Change Fee.  

Neumann filed a lawsuit in opposition to Softbank for deserting the deal, accusing the investor of breaching its contract and ‘secretly taking actions to undermine’ the settlement with the controversial boss then locked in a bitter authorized battle. 

This yr, it emerged that WeWork is now planning to go public in a particular objective acquisition firm merger that may worth it at round $9 billion – far lower than its onetime $47 billion valuation.  

In the meantime, additional particulars about Neumann’s conduct have emerged since his ousting.    

Its sale comes as Neumann, 41, has been offloading his property portfolio over the last year, including his luxury Hamptons farmhouse above

Its sale comes as Neumann, 41, has been offloading his property portfolio over the past yr, together with his luxurious Hamptons farmhouse above 

The luxury Hamptons hideaway boasts a large heated swimming pool and small cottage, a previous listing shows

The luxurious Hamptons hideaway boasts a big heated swimming pool and small cottage, a earlier itemizing reveals

Neumann then sold his Westchester County estate (above) for close to its asking price of $3.39 million in August

Neumann then offered his Westchester County property (above) for near its asking value of $3.39 million in August 

Neumann and his wife Rebekah have moved to Israel in the wake of the WeWork scandal and are offloading their homes

Neumann and his spouse Rebekah have moved to Israel within the wake of the WeWork scandal and are offloading their properties 

Neumann’s former chief of employees Medina Bardhi accused him and the corporate of discrimination, saying she feared for the well being of her unborn child due to Neumann’s penchant for smoking marijuana on chartered planes.

She additionally mentioned she was changed by a person making greater than twice her wage when she took maternity depart. WeWork mentioned it might contest the claims.   

A brand new e book launched final October additionally detailed Neumann’s booze-fueled antics as head of the troubled start-up.

In August 2018, he handled himself to an alcohol provide that ‘might have coated most of an entry-level WeWork wage’ throughout a lavish firm retreat, in response to Billion Greenback Loser: The Epic Rise and Fall of WeWork by Reeves Wiedeman.

The three-day retreat close to London included a efficiency by Lorde and motivational speeches by Deepak Chopra, Wiedeman wrote.

Whereas each different attendee slept on an air mattress in a tent, Neumann and his spouse, Rebekah, slept in a ‘tent-house suite’ with A/C and heating, a king mattress and 4 twin beds, a number of fridges, fireplace bowls and eight picnic tables.   



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