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LSU President F. King Alexander addresses the graduates during LSU's Main Commencement Ceremony for Spring Graduation in the PMAC Friday May 10, 2019, in Baton Rouge, La.

LSU President F. King Alexander's University Club home is on the market prior to a move by him and his wife to a university-owned house close to campus, school officials said Monday.

Ernie Ballard, a spokesman for LSU, said the decision stems in part from the fact that Alexander's three children are grown.

Ballard said the school's "Fierce for the Future" fundraising drive is another reason for the move.

"Moving into the University House presented an opportunity for President Alexander to advance the momentum of our most ambitious campaign ever by hosting events closer to campus," Ballard said in an email response to questions.

"In addition, being close to campus allows for even more opportunities for him to interact with students, faculty and staff," he said.

The $1.5 billion fundraising drive was announced in March.

Alexander's future at the school has been the subject of speculation in recent weeks.

It reached the point that Gov. John Bel Edwards, who names the LSU Board of Supervisors, gave Alexander and others a vote of confidence last month.

Amid rumors about King Alexander, Gov. John Bel Edwards voices support for LSU president

"I support the entire team that's in place," Edwards said on April 26.

The LSU leader has previously dismissed the speculation.

"We're a big complex organization and not everybody likes the decisions we have to make," Alexander said on April 10. 

"This is commonplace. That's how it is."

Alexander has held the job since 2013, is paid $610,666 per year and serves as both president of the LSU System and chancellor of the Baton Rouge campus, which used to be separate jobs.

He came to LSU from California State University, Long Beach.

Alexander has held the post during turbulent financial times, and he said last year LSU's state aid was the same as it was in 1991.

The school-owned home, called University House, is on the lakes and traditionally been used by LSU presidents as their residence, with some exceptions in recent years.

The address is 2959 E. Lakeshore Dr.

Ballard said the president and his wife Shenette will move later this summer.

He said the president will no longer accept the housing stipend after the move.

The president's home carries an asking price of $980,000.

It has five bedrooms, five baths, 4,629 square feet and was built in 2013.

The home is described as Tuscan-style, with 1 1/2 stories, a three-car garage and swimming pool.

The address is 15020 Audubon Lakes Blvd in University Club, which is several miles south of campus.

Alexander has been the target of heavy criticism from Richard Lipsey, a former member of the state Board of Regents, over new admission policies at LSU.

Lipsey says the changes amount to lowering the bar for admission, and that doing so increases the chances that prospective students can gain admission through political connections.

Alexander and other LSU leaders have disputed the criticism and said the new rules are similar to policies adopted by a wide range of prestigious schools nationwide.

The fundraising drive is aimed at raising $1.35 billion for the flagship campus as well as funds for other campuses, including the LSU AgCenter, LSU at Alexandria, LSU at Eunice, LSU Health New Orleans, LSU Health Shreveport, LSU's Pennington Biomedical Research Center and LSU at Shreveport.

It is the third of its kind and the first launched since 2006.

LSU on Monday also announced that chief financial officer Dan Layzell is putting his home on the market as a downsizing step and is no longer considering a job opportunity in New Mexico.

Follow Will Sentell on Twitter, @WillSentell.