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USC Buys $8.6 Million House to Use as Presidential Residence – Variety

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Final July, former UNC-Chapel Hill chancellor Carol L. Folt formally took workplace at USC, changing into the college’s first feminine president in its 139-year historical past. Rick Caruso, chairman of USC’s Board of Trustees, heralded Folt’s appointment as “the start of an inspiring new period for the College of Southern California,” underscoring the strategic selection of president at a time when USC continues to be reeling from a sequence of high-profile scandals.

Along with a sweeping array of key modifications which have already been applied — varied workers appointments and a brand new sustainability push — certainly one of Folt’s greatest pivots up to now is eschewing the 40-year custom that noticed earlier USC presidents take up residence within the USC-owned Seeley Mudd estate, out within the posh San Gabriel Valley metropolis of San Marino, Calif. As a substitute, Folt has moved to Santa Monica, the place property data present USC just lately closed on an $8.6 million, strikingly angular home.

“Final 12 months, the college made the choice to buy a smaller, extra sustainable property for the president’s residence.” USC mentioned in a press release offered to Selection, noting that there have been vital prices related to maintenance on the 8-acre Mudd property. “It made monetary sense to downsize to a inexpensive, extra environment friendly property.”

Although the luxe Santa Monica property hardly qualifies as low-cost, the .19-acre lot’s footprint is certainly greater than 40 occasions smaller than the Mudd property. The home itself can be way more eco-friendly, with a full array of photo voltaic panels and a construction that’s barely a 3rd of the Mudd mansion’s measurement.

And the architectural type is radically completely different, too. Whereas the Mudd property is a 1930s Colonial-style manor that rambles throughout 14,000 sq. toes of residing house, the Santa Monica house is a 4,700 sq. ft., organic-themed up to date with a blocky, fashionable aesthetic and partitions trimmed in monolithic sheets of uncovered wooden and glass.

The home was bought to USC by David G. Brown, a principally low-profile hedge fund tycoon who made headlines final 12 months when he paid $19 million for Ari Emanuel’s architectural Brentwood property. Brown had picked up the property in 2014 for $6.75 million, and tax data point out the present residence was inbuilt 2012.

Designed by famous architect Roy Kappe, the modernist construction affords an open-concept floorplan and open eating, residing and media rooms. A state-of-the-art kitchen has designer Miele home equipment, Caesarstone counter tops and an open seating space. Upstairs, the main bedroom opens to a slim balcony with views to the Pacific Ocean. The principally hardscaped, low upkeep yard features a dark-bottomed plunge pool with raised spa.

The home is situated on what has continuously been thought-about one of the prestigious residential streets in Santa Monica, the place a few of Folt’s nearest new neighbors embrace actor Jonah Hill, “The Simpsons” creator Matt Groening and Mona Simpson, sister of the late Steve Jobs.

USC is at present within the means of itemizing the Mudd property, which might mark the very first time that the 88-year-old compound — which features a full-size tennis court docket, formal gardens, a indifferent guesthouse and acres of lawns and oak groves — has been out there on the market. Even in in the present day’s high-end actual property market, which is at present subdued by coronavirus woes, it’s seemingly the historic property would fetch not less than $15 million. And it’s actually conceivable that it may break San Marino’s residential gross sales file, which is at present held by a 2.7-acre property that bought in 2012 for $17.5 million, to a household from Mainland China.

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