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.
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 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 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 called the ‘Guitar Home’ as a result of the mansion has a lounge formed just like the musical instrument
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.
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 excessive ceilings and loads of home windows for pure, sunny mild to enter the house
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 fashionable architectural options make this house one in every of a sort, positioned simply 15 miles north of San Francisco
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 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 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 ethereal, tranquil bed room above with an hooked up terrace for absorbing the solar and gorgeous surroundings
Keep some time! A sitting space within the house affords breathtaking views of the close by mountains and woods
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 toilet the brand new proprietor can take within the sprawling views throughout the California countryside
A view of a TV room in the home pictured above, excellent for giant teams and entertaining with views of the luxurious gardens
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 docket within the house above, making it excellent for energetic households
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 affords numerous locations to take a seat and lounge and benefit from the nice outside with gorgeous nature views
The house features a waterslide and big pool in addition to a visitor home with two bedrooms and two bogs
For these with the inexperienced thumb! The house additionally has expansive gardens and orchards for plant lovers
At evening the property turns into a dreamy oasis providing distinctive views of the encircling mountains and woods
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 past yr, together with his luxurious Hamptons farmhouse above
The luxurious Hamptons hideaway boasts a big heated swimming pool and small cottage, a earlier itemizing reveals
Neumann then offered his Westchester County property (above) for near its asking value of $3.39 million in August
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.