The 1930s-era Belmont Heights home that has served as the residence for California State University chancellors has hit the market for the first time since 1991 with a price tag of $2.6 million.
The Cal State University system purchased the five-bedroom, 4,671-square-foot home in the tony Estates section of Belmont Heights nearly three decades ago to present a more “down-to-earth” image compared to a previous Bel-Air residence, which the system sold for $3.6 million.
Current CSU Chancellor Timothy White and his family moved into the Classic Spanish-style home at 275 Granada Ave. when he took office in 2012, replacing former Chancellor Charles Reed, who had lived there with his family.
White and his family relocated to a private residence in Long Beach last year after the CSU’s Board of Trustees voted to sell the house and provide the chancellor with a housing stipend rather than “continue to dedicate funds and staff to maintain the property,” said CSU spokesman Mike Uhlenkamp.
Uhlenkamp said revenue generated from the sale will go into the foundation endowment that supports the chancellor’s monthly housing stipend. The endowment was originally established through proceeds from the sale of the Bel-Air residence, which was gifted to the university, he added.
While also a family home, the university residence serves as place for fundraising dinners and other official activities.
The chancellor and each president of the 23-campus CSU system enjoy perks including a university-provided home or an annual housing stipend, which ranges from $50,000 to $60,000 for presidents.
White’s annual housing stipend is $95,000 this year. That’s on top of his $463,855 annual salary to serve as head of the country’s largest four-year public university system.
The restored home features vintage details, a pool, spa, a separate pool house and thee-car garage.
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