Chinese real estate mogul wants to double his money on Chandler estate

New $12M price tag is double what Huang Kangjing paid in 2012

Mar.March 20, 2017 11:00 AM

A Pasadena estate once owned by newspaper mogul Philip Chandler is back on the block.

Developer Huang Kangjing listed the renovated English manor for $12 million, more than double the $5.8 million he paid in 2012, The Real Deal has learned.

Huang, who heads China-based LVGEM Group, bought the 1915-built Tudor residence in an all-cash deal for his son, who was a student at the University of Southern California at the time.

The property once served as the venue for a bridal party for Herbert Hoover’s granddaughter, according to a previous report by L.A. Weekly.

The 8,100-square-foot home, designed by L.A. architect Stiles O. Clements, had not been renovated since 1931 and was in dire need of repairs when Huang purchased it. The swimming pool wasn’t functional, the upstairs plumbing leaked and the stove hadn’t been replaced since the early 1900s.The property didn’t even have air conditioning.

Neighbors, worried that the new owner might raze the house and build anew, petitioned for historic landmark status. The Huangs supported the the historic and cultural designation.

Agents familiar with the property said a renovation might double its value.

The seven-bedroom home’s one-year makeover was the work of 26 different designers, according to its listing materials. The newly imagined compound features a separate bathhouse, a tennis court, a badminton court, a greenhouse, a wine cellar and a separate carriage house.

Grace Hsiung of Bobohomes Realty has the listing. She could not immediately be reached for comment.

Huang’s LVGEM Group is a construction conglomerate based in Shenzhen. Before he made his fortune, the fisherman’s son was a day laborer and lived in temporary barracks, according to L.A. Weekly.

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