Tianqiao Chen, a Chinese language billionaire who made his $1.5 billion fortune within the video games business, simply purchased a historic 14,000-square-foot mansion in San Marino in Los Angeles County.
Chen provided $500,000 over the $24.5 million asking price, beating a number of different aggressive affords, a spokesperson for Douglas Elliman, one of many brokerages who held the itemizing, informed 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 business in China. He founded gaming company Shanda Interactive Entertainment Limited in 1999 and have become a billionaire by age 30. In 2004, Shanda was the largest online-gaming company in China. Chen left China round 2012 and lived in Singapore for a time. He is now based in Silicon Valley, in accordance with real-estate information website Filth.
In 2016, Chen and his spouse, Chrissy Luo, donated $115 million to create the Tianqiao and Chrissy Chen Institute for Neuroscience at Caltech, which is only a five-minute drive from their new house.
Chen declined to touch upon the acquisition through his firm.