Tianqiao Chen, a Chinese billionaire who made his $1.5 billion fortune in the games industry, just bought a historic 14,000-square-foot mansion in San Marino in Los Angeles County.
Chen offered $500,000 over the $24.5 million asking price, beating multiple other competitive offers, a spokesperson for Douglas Elliman, one of the brokerages who held the listing, told Insider.
“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 $115 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.