Chinese Billionaire Cashes Out On USC's Presidential Mansion

USC's presidential mansion in San Marino [Calif.] went on the market earlier this year and sold for a record $25 million in early July. Now the buyer is being revealed, as real estate records show Tianqiao Chen, a Chinese billionaire was the lucky customer who landed the home.

The presidential mansion served as the home of USC presidents since 1979 including current president Carol Fort. However, with cost-cutting measures due to the COVID-19 pandemic, the university decided to sell the historic estate. Fort relocated to a smaller home in Santa Monica [Calif.] for a whopping $8.6 million paid by the school.

The presidential mansion was utilized for Trojan galas and dinners that USC hosted over the years. The Los Angeles Times reports that the compound had 'forests of sycamores, oaks and Chinese elms, as well as a series of grassy lawns and rose gardens.'

The new owner, founded Shanda Interactive Entertainment in 1999, an online gaming company that morphed into Shanda Group, an international investment firm. He paid $500,000 more than the original asking price of $24.5 million.

Chen's sale marks the first time in history that the mansion has ever officially been sold.

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