Here's The $21 Million Marin County Mansion WeWork CEO Adam Neumann Bought Last Year

By on October 10, 2019 in ArticlesCelebrity Homes

Back in July 2018, WeWork was coming off a multi-billion funding round that valued the company at $40 billion. As the owner of 10% of the company's equity, Adam Neumann's net worth at the time was $4 billion (pre-tax, on paper). So what does a freshly-minted multi-billionaire do to celebrate his success? He buys a ridiculous mansion, of course!

Actually, Adam had already bought several mansions following previous funding rounds. As of this writing, he owns at least $90 million worth of real estate. He was able to buy these mansions thanks to a personal financial windfall fueled by private stock sales and debt taken in the form of personal lines of credit and real estate mortgages. He had a $500 million line of credit with J.P. Morgan alone, backed by his multi-billion stake in WeWork.

That was a mere 15 months ago. A LOT has changed in those 15 months.

Today WeWork is circling the drain. It's private valuation has reportedly sunk from $40 billion to $10 billion to potentially as low as $3 billion. There are rumors (backed by the company's penchant for burning around $233 million in cash every MONTH), that WeWork will no longer be viable sometime in the first quarter of 2020.

As of this writing, it's unclear how Adam is going to satisfy what is presumably millions of dollars in debt obligations that were likely backed by stock that is now worth zero. Or maybe he has plenty of cash sitting around from all those private stock sales and he'll be absolutely fine.

Either way, we wanted to examine one of his homes in particular. As we mentioned, this home was purchased in July 2018. The price paid was $21.4 million. The property had been listed for $25 million.

What's interesting to me about this house is that it's located way across the country in leafy Marin County, California. Far from WeWork's corporate headquarters and the Neumann family's other primary residences. Why did he buy this house?

For many years this property was the home of the late music promoter Bill Graham, mastermind of the live touring apparatus behind bands like The Grateful Dead, Jefferson Starship, Huey Lewis and Janis Joplin.

In the early 2000s, the property was leveled and replaced with one of the most eco-friendly private properties in the US.

The home features is a guitar-shaped living room, 13,600 square-feet of living space, seven bedrooms, pool (with slide), spa and orchard.

Check it out:

Something tells me we'll see this house back on the market pretty soon…