The University of California Santa Barbara’s new chancellor just got a housing upgrade. The Board of Regents’ recently purchased a multimillion-dollar home for Chancellor Dennis Assanis.
On October 23, the regents approved the purchase of a new UCSB chancellor residence “with a price not to exceed $8.3 million,” according to Stett Holbrook, associate director of strategic and critical communications for the UC Office of the President.
“The purchase will be funded with external financing, and donor funds will be used to pay off the debt,” he said. No state funds or student tuition dollars were used for the purchase.
Since starting his role at UCSB, Assanis has been living in temporary housing with a reported monthly housing stipend of around $10,000-$20,000.
His new home is reportedly located in Hope Ranch at 4672 Via Roblada, according to county real estate records. The Zillow page for the property lists it as a “Hope Ranch French country manor” with six bedrooms and seven bathrooms, high ceilings, a pool, barbeque area, and “loads of room for gardens and play areas.” It was sold for $7.8 million on October 28.
Holbrook said that the regents’ policy dictates that chancellors live in residences “suitable for carrying out their roles and required official duties,” which includes extending “official hospitality” to important guests for functions and fundraising activities for the campus.
Typically, UC chancellors live on campus — as former chancellor Henry Yang did for 30 years in a more modest abode before moving out this summer.
However, the two existing on-campus facilities, the University House and the Centennial House, were constructed in the 1960s. They served as the UCSB chancellor residence until earlier this year and have received no significant renovations or updates in more than 30 years.
According to Holbrook, an independent engineering assessment in March identified the need for “extensive renovations” to the on-campus facilities, totaling more than 9,000 square feet. Repairs and upgrades would have cost $8.4 million, he said, and taken two years to complete.
Renovations were the plan, approved in May 2025 by the regents to lease an on-campus property while the one-acre University House was renovated. But the school kicked that plan to the curb, deciding the house could be better suited for other uses, like additional student housing. It’s already adjacent to the Santa Cruz student residential hall.
“Acquiring a new property to serve as the chancellor’s home is considered a better solution, mitigating long-term leasing costs, and freeing up prime on-campus land for future uses, such as student housing projects,” Holbrook said.
He added that Santa Barbara’s “historically strong real estate market” leads the regents to expect that the university’s investment will grow in value over time, “making this a sound financial decision.”
