- As far as we can tell, Adam Neumann has acquired at least five properties across the US.
- In 2018, he spent at least $650,000 on property taxes alone that's more than double the median home value in the US.
- JPMorgan has lent Neumann $97.5 million across a variety of products, including mortgages secured by personal property, according to filings from WeWork.
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WeWork's former CEO Adam Neumann has worked on building an extensive residential real-estate portfolio and there's a hefty tax bill that comes with that.
As far as we can tell, based on public records linked to Neumann and related LLCs, he owns five properties across the US including a four-unit spread in Manhattan.
Business Insider was also able to link a sixth address to the same LLC that owns Neumann's property in Westchester County. However, that address has yet to be confirmed by one of his representatives.
Since WeWork's inception, Neumann has picked up more than $80 million worth of residential real estate. JPMorgan has lent him $97.5 million across a variety of products, including mortgages secured by personal property, according to WeWork filings.
And with those big-ticket homes come other hefty costs.
Property taxes alone on the homes added up to more than $650,000 in 2018. That's more than double the median home value in the US which, according to Zillow , is $229,600.
We've been tracking startup investments, loans Neumann has made, and other spending to help paint a picture of where his money had been going before WeWork's IPO failed to launch. This week we uncovered two loans that his family office has made.
As Business Insider reported late last week, Neumann is now in talks to get new terms on a separate $500 million credit line after WeWork's public offering was canceled. WeWork's S-1 filing ahead of its planned IPO disclosed that Neumann had already drawn down $380 million from the credit line, which was backed by WeWork shares.
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