When the University of Southern California’s presidential mansion hit the market for $25 million in February, luxury property sales were up but buyers were receiving discounts.
That was not the case here.
The Seeley Mudd Estate in San Marino has just sold at slightly above asking — $500,000 to be precise — according to the Los Angeles Times.
That made the deal the priciest ever recorded in San Marino. The property, which hadn’t changed hands in 40 years, went into contract less than a month after listing. The buyer was not known.
The 7-acre property has been home to USC presidents since 1979 and the 13,000-square-foot mansion was often used to host dinners, parties and other events. Built in 1934 by Reginald Davis Johnson, it has eight bedrooms and 11 bathrooms.
The grounds were donated to the school by General George Patton and Henry Huntington. Along with the main home, the property includes a pool, sunken tennis court, guesthouse, log cabin, and a carriage house with a gas station.
The school sold the property in part to offset lost revenue from the pandemic. USC froze hiring last year and reduced President Carol Folt’s salary by 20 percent.
The school bought a smaller property in Santa Monica, which will serve as the president’s residence, paying $8.6 million.
Developer and USC Board of Trustees Chairman Rick Caruso said last year that the Seeley Mudd Estate was expensive to maintain and would need $20 million to update.
The sale makes Goodwin Gaw’s 1.8-acre estate, which he listed for $22 million in April, the priciest home on the market in San Marino.
[LAT] — Dennis Lynch