Buyer revealed: USC mansion sold to Chinese billionaire

Tianqiao Chen paid $25M in record-setting deal for San Marino

Los Angeles /
Jul.July 20, 2021 04:00 PM
 Tianqiao Chen with the San Marino estate (Compass, WikiMedia / Comms88)
Tianqiao Chen with the San Marino estate (Compass, WikiMedia / Comms88)

Billionaire tech entrepreneur Tianqiao Chen was the buyer in the record-breaking sale of the University of Southern California’s presidential mansion.

The $25 million deal for the Seeley Mudd Estate in San Marino closed earlier this month. The Los Angeles Times first reported the sale without a buyer. Dirt.com has now identified Chen, who made his fortune in online gaming and investments. It was the priciest sale ever recorded in the area.

The 13,000-square-foot mansion was built in 1934, and served as the school president’s residence since 1979. USC listed the 7-acre property in February as it faced a cash crunch from the pandemic and $1 billion in sexual abuse settlement payments. Last week, the school also listed a Frank Lloyd Wright-designed property it owns in the Hollywood Hills.

Chen grew up near Shanghai and founded Shanda Interactive Entertainment in 1999. The company grew into a behemoth — in 2004 it became the first Chinese gaming company to list on the Nasdaq — and Chen relocated to California.

The Seeley Mudd Estate isn’t Chen’s only high-profile property purchase. In 2018, he reportedly paid $39 million for the Vanderbilt Mansion in Manhattan’s Upper East Side.

[Dirt] — Trevor Bach 


Related Articles

arrow_forward_ios
Greenland Holdings’ Zhang Yuliang and the Thea at Metropolis tower (Getty, Thea at Metropolis)
Greenland puts Metropolis apartment tower in DTLA up for sale
Greenland puts Metropolis apartment tower in DTLA up for sale
Greenland Holdings’ Zhang Yuliang and the Hotel Indigo in DTLA (Mingtiandi, IHG)
Greenland shopping Hotel Indigo — again
Greenland shopping Hotel Indigo — again
1814 North Doheny Drive in Los Angeles
How LA’s short-term rental stars cater to rich, famous
How LA’s short-term rental stars cater to rich, famous
No asking price, numerous offers as Rancho Palos Verdes campus hits market
No asking price, numerous offers as Rancho Palos Verdes campus hits market
No asking price, numerous offers as Rancho Palos Verdes campus hits market
Montage Laguna Beach (Montage Hotels, iStock)
State-owned Chinese insurer eyes sale of Montage Laguna Beach
State-owned Chinese insurer eyes sale of Montage Laguna Beach
80 South Street (Wikipedia)
Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
Oceanwide Plaza in DTLA last U.S. project standing for China-based developer
Oceanwide Plaza in Los Angeles and the island of Oahu (iStock, RTKL Architects inc.)
Oceanwide trims back to lone US project in LA
Oceanwide trims back to lone US project in LA
WNBA legend Lisa Leslie, Tomi Rose team up on athletes
WNBA legend Lisa Leslie, Tomi Rose team up on athletes
WNBA legend Lisa Leslie, Tomi Rose team up on athletes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...