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.The residence has hosted multiple holiday parties each year for university donors, faculty, trustees, and special guests since 1979, according to Douglas Elliman. And every Thanksgiving, the university president would invite USC students who were unable to travel home for the holiday to a dinner at the residence.USC decided to sell the estate to cut costs during the pandemic and downsized to a smaller home for the university president in Santa Monica, per the Los Angeles Times.Its $25 million price tag makes it the most expensive home sale in San Marino history, according to Douglas Elliman. The seven-acre estate was assembled from parcels that once belonged to WWII General George S. Patton and railroad tycoon Henry Huntington.Source: Douglas EllimanSource: Douglas EllimanThe home is in beautiful condition, but is not in the style of today, the agent told Mansion Global in February, when the home went on the market.Elliman's Austin Alfieri and Brent Chang of Compass also shared the listing.Source: Douglas EllimanSource: Douglas EllimanSource: Douglas EllimanSource: Douglas EllimanIn a whimsical touch, there are also children's cabins at the edge of the forested section with running water so that children can play house and have tea parties.