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Tianqiao Chen, a Chinese billionaire paid $25 million for the USC presidential mansion in San Marino, California. Chen recently donated $155 million to Caltech for neuroscience research, and the university dedicated a new facility to him just a mile from the home.
The sale of this home comes as the median home price in Southern California has jumped to $680,000 which topped the previous record of $667,000. Multiple factors are credited for the increase in sales including and expanding buyers’ market, more demand for space as people work from home, and low mortgage rates.
The USC presidential mansion sold for $500,000 more than the asking price which made it the most expensive home sale in San Marino history. The house went under contract less than a month after listing. The mansion was built in 1934 by Reginald Davis Johnson, a local architect and the land was donated by U.S. Gen. George Patton and railroad mogul Henry Huntington. USC wanted to make sure the home went to the right buyer that would honor the historical significance of the site.