Tuesday, June 14, 2011

Candy's place

Los Angeles--a city known for excess and gaudiness--is about to close a chapter in its real estate history which is without precedent.

"The Manor," the five-acre estate of the late Aaron Spelling, has reportedly been sold for a price of roughly $150 million. Spelling's former abode is in the Holmby Hills area of L.A. and measures in at 57,000 square feet--roughly the equivalent of 15 Overland Park, Kansas residences placed side-by-side. The home sits on five acres and features a bowling alley, beauty salon, and space to park 100 cars.

The buyer is Petra Ecclestone, heiress to the Ecclestone Formula One car racing fortune of her father, Bernie Ecclestone. Ecclestone will split time between Los Angeles and London after her upcoming August wedding to entrepreneur James Stunt. (By the way, Ecclestone's London accomodations are valued at $91 million, meaning her two residences are valued somewhere in the vicinity of $240 million!)

Spelling made his fortune by developing successful TV shows like Charlie's Angels, Dynasty, Beverly Hills 90210, Melrose Place and The Mod Squad. The seller is his wife, Candy Spelling.

The Spellings bought the property in the early 1980s and tore down the existing home on the land in order to build this French chateau-style estate. The double staircase entryway was inspired by Gone With the Wind and, in addition to the aforementioned rooms, the home has a china room, a library, a flower-cutting room (who knew you needed an entire room for that), and a suite named after Prince Charles. (Yes, he once was a guest of Spelling's.) In sum, the sale will be the largest real estate transaction for a single-family home in U.S. history.

Don't fret for Mrs. Spelling though--she says that she's "downsizing" to a condominium in the Century City neighborhood of Los Angeles. Her smaller place is a mere 15,555 square feet worth $35 million.

(Source: Wall Street Journal)

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