- Chinese gaming billionaire Tianqiao Chen bought a historic $US25 ($AU34) million Los Angeles mansion earlier this month.
- He paid $US500,000 ($AU681,220) 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.
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“The [winning] offer was compelling, but we had buyers waiting in the wings,” Listing agent Ernie Carswell of Douglas Elliman told Mansion Global.
Chen, the 48-year-old founder and CEO of Shanda Group, is credited with pioneering the gaming industry in China. He founded gaming company Shanda Interactive Entertainment Limited in 1999 and became a billionaire by age 30. In 2004, Shanda was the largest online-gaming company in China. Chen left China around 2012 and lived in Singapore for a time. He’s now based in Silicon Valley, according to real-estate news site Dirt.
In 2016, Chen and his wife, Chrissy Luo, donated $US1.5 ($AU2) million to create the Tianqiao and Chrissy Chen Institute for Neuroscience at Caltech, which is just a five-minute drive from their new home.
Chen declined to comment on the purchase via his company.
USC decided to sell the estate to cut costs during the pandemic and downsized to a smaller home for the university president in Santa Monica, per the Los Angeles Times.
Elliman’s Austin Alfieri and Brent Chang of Compass also shared the listing.