Even though people might expect one of the richest men in the world to be residing in a luxurious villa or a castle type building, Tesla and SpaceX CEO Elon Musk has made an astonishing revelation that he currently lives in a house worth merely $50,000 in Boca Chica, Texas.

Elon Musk also recently mentioned that he only owns one house in California's Bay Area - Tesla's event home and that he has sold his remaining properties. A Twitter user had earlier posted, "Elon Musk lives very modestly by billionaire standards. Only 1 residential house (plus 1 for events). @ElonMusk uses less resources than most multi-millionaires despite working way harder. Plus $ sitting in stocks, makes each $ outside worth more exactly proportionally."

In response to that, Elon Musk had said, "My primary home is literally a ~$50k house in Boca Chica / Starbase that I rent from SpaceX. It’s kinda awesome though. Only house I own is the events house in the Bay Area. If I sold it, the house would see less use, unless bought by a big family, which might happen some day."

Elon Musk's Texas house is reportedly a Boxabl Casita, which is a foldable, prefabricated home designed for quick installations and maximum affordability, and generally has a layout similar to that of a mini studio apartment. It consists of a large room divided between the living room, bedroom area, kitchen and bathroom.

"A 20×20 unit such as the one that Elon Musk reportedly owns is priced at only $50,000, less than the cost of a Model Y Long Range Dual Motor AWD. The Boxabl Casita is durable, too, being made of concrete panels and steel. It could be installed very quickly and transported easily, as well, with the home being light enough to be pulled by a vehicle like a Model X," according to Elon Musk's fan blog Teslarati.