• Tesla CEO Elon Musk has reportedly signed a letter of intent to sell his Los Angeles properties to developer Ardie Tavangarian.
  • The LLC intends to combine the properties to form a single development and is expected to handle all aspects of architecture, construction, and design.
  • Tavangarian is a renowned developer and designer, whose LLC purchased the properties for an undisclosed amount.
  • Visit Business Insider's homepage for more stories .

Tesla CEO Elon Musk has reportedly agreed to sell four of his Los Angeles homes listed for a total of $62.5 million to an LLC owned by renowned developer Ardie Tavangarian.

The report comes after Musk's announcement in May that he'd be renouncing all of his property ownership in an attempt to "own no house." At one point, the SpaceX founder had a real-estate portfolio consisting of at least seven houses collectively valued at $100 million, Business Insider previously reported.

"Musk has signed a letter of intent to sell several properties in Los Angeles to Arya Chalon, LLC, a new entity led by developer/designer Ardie Tavangarian for an undisclosed amount," a statement shared by the developer read. "Arya Chalon, LLC will combine the multi-property portfolio into a new single development project to make it truly one-of-a kind."

The statement also notes that the LLC isset to provide all services for project development, from design to architecture, construction, property management, and interior design.

Tavangarian is known in the real-estate community as a prolific developer and designer, with famous projects that have fetched $75 million sale prices and $350,000 a month rentals, the Wall Street Journal reports.

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