Former USC President Carol Folt’s university-funded home in Santa Monica was put up for sale in early October, according to Morning, Trojan. This comes shortly after Folt’s departure from the university.
“The university no longer needs the property,” the university wrote in a statement to Annenberg Media.
The ocean-view home was originally bought by USC for approximately $8.6 million in 2020, according to the Los Angeles Times.
The Santa Monica property had undergone a $50,000 renovation in late 2024, according to Morning, Trojan.
For 42 years before the Santa Monica purchase, USC presidents lived at the Seeley Mudd estate in San Marino. In a statement from 2020, a USC spokesperson said that the Mudd estate was not in “livable” condition when Folt had first arrived.
The Mudd estate was sold in early July 2021 to billionaire Tianqiao Chen for $25 million – $500,000 more than the asking price, according to the Los Angeles Times.
The house is currently listed at just under $10 million on Zillow.
Ava Nicols contributed to the reporting of this story.