LeTV's ongoing crisis in China remains unresolved. Prior to this, Jia Yueting had used nearly all of his shares in LeTV to rescue the company, but despite his efforts, the situation continued to deteriorate. His personal assets were eventually frozen, forcing him to step back and move to the United States. However, the fallout from the LeTV crisis also affected his dream of creating an electric vehicle empire. To keep his dream alive, Jia Yueting decided to mortgage the headquarters building of Faraday Future, the American electric car startup he invested in, securing a loan of around $14 million.
In addition, Jia Yueting's list of mortgaged properties has grown. Starting with "two suites and five plots" in early June, by the end of the month it had expanded to "four suites and five plots," valued at approximately $19.7 million. As Jia Yueting gambled on increasing his asset base, the public began to wonder just how much real estate he owns in the United States. Could there be even more real estate revelations to come?
From "Two Suites and Five Plots" to "Four Suites and Five Plots"
According to previous investigations by the Daily Economic News, Jia Yueting, desperate for funds in June, secured two mortgage loans. After repaying some of his debts at the start of the month, he quickly turned to mortgaging additional real estate for greater liquidity and higher interest rates.
On June 29, OceanView Drive entered into a Trust Deed agreement with Hankey Capital, a lending institution. This time, Jia Yueting's pledged assets saw a significant increase: from "two suites and five plots" at the beginning of the month to "four suites and five plots" by the end of the month.
The transition from two suites to four suites highlights Jia Yueting's growing reliance on real estate as collateral. This shift has naturally sparked curiosity about the extent of his real estate holdings in the United States. According to the latest reports from California, Jia Yueting's end-of-month pledges involved four properties, including addresses on Margaret Street Nos. 7 and 11, No. 19, and No. 91.
Further inquiries based on the land numbers in the contracts revealed that in addition to these four properties, the pledged assets also included five plots of land. This means that compared to his initial mortgage in early June, which included Nos. 11 and 91, the assets he pledged at the end of the month covered a broader range.
The Daily Economic News reporter discovered that the purchase date for No. 11 was August 29, 2014, at a price of $4.5 million.
The following images show the property at No. 11 located via Google Maps and real estate agency websites:
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As for the newly acquired property at No. 91, the luxury home, the reporter found that it was purchased on July 7, 2015. The land price at the time was $5.508 million, with an additional $2,055,500 spent on renovations, bringing the total acquisition cost to $7.5735 million.
Property No. 91 spans 7,800 square feet, or 724.64 square meters. Below is an HD image of this luxury home:
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The aerial view of the mansion:
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Beautiful scenery surrounding the property:
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A wide hall with an open ceiling:
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An elegant living room:
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A family room equipped with a media center, fireplace, and bar:
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The master bedroom, featuring a fireplace, TV, and stunning views:
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Based on a rough estimate of the original purchase costs for properties Nos. 11 and 91, the pledged assets increased by $12.073 million. Through the pledge of "four houses and five plots," Jia Yueting received a total of $19.7 million.
To fund his car-building ambitions, Jia Yueting also mortgaged the headquarters of Faraday Future, the American electric car startup he invested in. According to a recent report by The Wall Street Journal, informed sources revealed that Faraday Future has pledged its headquarters building in Los Angeles, securing a loan of approximately $14 million with a one-year term. It is reported that Jia Yueting intends to use the loan to sustain operations and attract new investors.
Below are images of the Faraday headquarters building taken from various angles:
[Image URLs omitted for brevity]
Media reports suggest that Jia Yueting's choice of the Faraday headquarters was not unexpected. As early as last month, Faraday Future's future in the United States looked bleak. On July 11, Jia Yueting announced on his microblog that he would abandon plans to build a new factory in Las Vegas but would continue to maintain the factory site.
Bloomberg also reported that the company had originally planned to invest $1 billion to construct a new automobile factory in northern Nevada, employing 13,000 people to produce the "FF91" model. However, due to a lack of funding, the plan was put on hold. In May, Jia Yueting hoped to secure about $1 billion in Series A financing. Later, he traveled to the Middle East, London, Germany, China, and the United States to meet with 35 investors, hoping to expedite the mass production of the FF91.
Although external financing has become increasingly challenging, the mortgage of the headquarters building has brought in $14 million, along with the $19.7 million from the pledged "four houses and five plots." Jia Yueting has initially raised $33.7 million. Whether this substantial sum will significantly aid his electric vehicle dream remains to be seen.
(Original Title: After Securing $33.7 Million in Luxury Property Mortgages, How Many Homes Does Jia Yueting Own in the United States?)
This text has been rewritten to provide a clearer narrative while maintaining the essence of the original content.
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