In 2023, LSU purchased a house that will soon become its new President’s house. Set in the Magnolia Ridge subdivision, the house will be President William Tate IV’s new home. 

The new home, which LSU acquired in September, is worth close to $2 million and sits at 188 S. Lakeshore Drive. 

Records from the East Baton Rouge Assessor state that in March 2011, the home was sold for $1,975,000 to the Loup Family and that in October 2023, Jeniffer and Jason Borne bought the house for $100. 

A little over a month later, the Borne family sold it to LSU for $10. 

The interesting pricing may seem confusing, but selling property for a minuscule price can be common when someone wants to bestow property on a person, charity or institution. 

According to Rocket Homes, one option for gifting a house to someone is selling it for extremely cheap, but depending on local laws, there may be restrictions. “You can sell your home to whomever you like at any price. However, make sure you read through all the restrictions to take the best course of action.”

This housing change comes just three years after President Tate moved into his current house and joined LSU. When he arrived at LSU, the old house at 2959 E. Lakeshore Drive required around $300,000 in repairs. Before he moved in, the home was not lived in but used to host university events. 

According to previous reporting from the Reveille, LSU has been using the house since 1999. 

As President Tate and his wife move into their new home four minutes away, it’s uncertain what will happen to the old house.