Welcome back to the Real Estate newsletter, which this week documents a Southern California market where a half-finished mansion fetched a fortune and a university set a record selling its president’s stately home.
The half-finished mansion belonged to none other than NBA star Kevin Garnett, who never got around to completing the 11,000-square-foot showplace that occupied his scenic spread in Malibu. That didn’t stop him from selling the place for $16 million, though.
And the record-setting mansion belonged to the University of Southern California, which used the famed Seeley Mudd Estate to house its presidents for the last 40 years. The pandemic forced the school to make some cutbacks, and the 14,000-square-foot home had to go. The good news is that USC got its money’s worth, selling it for $25 million and setting a San Marino price record in the process.
Two other estates made headlines over the last few days. On the resort…