USC sells presidential mansion for $25 million


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The USC presidential mansion, which has housed University presidents for over 40 years, sold for $25 million, according to an article from the Los Angeles Times Wednesday. The sale is an effort to cut costs as a result of the economic fallout from the coronavirus pandemic that has strained the pockets of universities around the country, as well as the $852 million settlement with former campus gynecologist George Tyndall.

The mansion, located on seven acres that includes eight bedrooms, 11 bathrooms, tennis courts, a log cabin and a pool, sold for $500,000 more than its asking price, the most expensive home sale in San Marino history, according to The Times. 

After the coronavirus pandemic shuttered the University’s doors last March, USC announced a hiring freeze and a 20% reduction in President Carol Folt’s salary in April, from $1.3 million to just over $1 million. Selling the $25 million mansion was portrayed as a way to cut costs, as Folt downsized to an $8.6 million home in Santa Monica. The University also increased tuition by a total of 5.5% since the 2020 academic year, citing coronavirus costs, increasing costs of education and inflation.

Folt lived in the Santa Monica home since she began her tenure in 2019, as the San Marino mansion — also called the Seeley Mudd Estate — required $20 million in renovations, USC Board of Trustees Chairman Rick Caruso told the Los Angeles Times in 2020. 

In a statement to the Daily Trojan, the University said, “The University decided to purchase a much smaller, more sustainable property for the President’s residence. There were significant costs associated with the upkeep on a 14,000 square foot, eight acre estate, and it made financial sense to downsize to a less expensive, more efficient property.”

The mansion was the home to USC presidents since 1979, with the sprawling grounds serving as the site for countless fundraisers, galas and dinner parties, according to The Times. Former President Max Nikias hosted over 15,000 guests at the Mudd Estate during his eight-year tenure.

 Built in 1934, the American Colonial-style mansion was willed to the school by the Seeley Mudd Estate in 1978.

The buyer of the historic mansion, surrounded by trees and English rose gardens, remains unknown.

A previous version of the story stated that Huntington and Patton donated the mansion to USC. The mansion was willed to the school by the Seeley Mudd Estate. The Daily Trojan regrets this error.