Chinese billionaire pays $500,000 over asking for historic LA mansion – Business Insider
- Chinese gaming billionaire Tianqiao Chen bought a historic $25 million Los Angeles mansion earlier this month.
- He paid $500,000 over the asking price for the residence, which housed USC presidents for 40 years.
- Chen, the founder and chairman of Shanda Group, is known as one of the pioneers of China’s online-gaming industry.
- See more stories on Insider’s business page.
Built in 1934, the American Colonial-style mansion sits on more than seven acres in San Marino, an upscale Los Angeles suburb.
Douglas Elliman/Compass
Its $25 million price tag makes it the most expensive home sale in San Marino history, according to Douglas Elliman.
The home’s historic details include imported 17th-century wood paneling in the living room and walnut hardwood flooring.
Douglas Elliman/Compass
Source: Douglas Elliman
The house has eight bedrooms and 11 bathrooms.
Douglas Elliman/Compass
Source: Douglas Elliman
Carswell, one of the listing agents, said he expects the home’s new owner to upgrade the kitchen and give the house a more open floor plan.
Douglas Elliman/Compass
The home is in “beautiful condition, but is not in the style of today,” the agent told Mansion Global in February, when the home went on the market.
Elliman’s Austin Alfieri and Brent Chang of Compass also shared the listing.
The property’s grounds feature expansive lawns, a forest of magnolias, sycamores, oaks, and Chinese elms, English rose gardens, and multiple fountains.
Douglas Elliman/Compass
Source: Douglas Elliman
The home’s al fresco dining and entertaining areas give the owner plenty of opportunity to enjoy the Southern California weather.
Douglas Elliman/Compass
Source: Douglas Elliman
There’s also an outdoor swimming pool with a lounge area and outdoor kitchen.
Douglas Elliman/Compass
Source: Douglas Elliman
At the far end of the property sits a sunken championship tennis court.
Douglas Elliman/Compass
Source: Douglas Elliman
The estate also includes a carriage house garage with its own gas station and car wash, an office, and a chauffeur’s apartment.
Douglas Elliman/Compass
In a whimsical touch, there are also “children’s cabins” at the edge of the forested section with running water so that children can play house and have tea parties.
