Record-breaking: Beverly Hills mansion sells for $120M, setting new mark

The deal for the 56K sf home still represented a 40% price cut from its original asking

TRD LOS ANGELES /
Jul.July 02, 2019 08:00 AM
Spelling Manor in Beverly Hills with Petra Ecclestone (Credit: Wikipedia and Getty Images)
Spelling Manor in Beverly Hills with Petra Ecclestone (Credit: Wikipedia and Getty Images)

How many price cuts does it take to sell a mega-mansion?

In the case of the 123-room Spelling Manor in Beverly Hills, the magic number was three.

After three years on the market and a 40 percent price chop from its original asking, the palatial estate has sold for $120 million.

Despite the price chops, the deal is the most expensive home sale ever in Los Angeles County. The previous record was held by Hard Rock Cafe founder Peter Morton, who sold his Malibu home for $110 million last year.

Spelling Manor
Spelling Manor

The buyer of the Spelling Manor, represented by Jeff Hyland of Hilton & Hyland, remains unknown. Jade Mills of Coldwell Banker Global Luxury, Kurt Rappaport of Westside Estate Agency shared the listing with David Parnes and James Harris of the Agency. Records show the sale closed July 1.

The seller, Petra Ecclestone, is heiress of the Formula One racing empire. She had been looking to unload the 56,500-square-foot home in the tony Holmby Hills since 2016. Ecclestone originally listed the estate for $200 million, and most recently dropped its asking to $160 million in May.

Originally built by film and television producer Aaron Spelling, the French Chateau-style home on Mapleton Drive sits on a 4.6-acre spread. In addition to its 123 rooms — 14 of which are bedrooms — the property includes a tennis court, swimming pool with spa and koi ponds.

Ecclestone, daughter of billionaire Bernie Ecclestone, paid Candy Spelling $85 million for the property eight years ago. She hired some 500 workers to renovate it, adding a bowling alley, silver storage room, nightclub and tanning rooms among other amenities.

Sources said Ecclestone has been looking to downsize to a smaller home in Brentwood. She also owns a house in London.

The mega-deal comes as a number of ultra high-end homes in L.A. languish amid a cooling market. Owners and spec home developers, who had been caught up in what some industry pros have termed as “aspirational” pricing a couple of years ago, have had to lower their expectations.

Developer Bruce Makowsky in January dropped the price on his so-called “Billionaire” Bel Air mega-mansion a second time, to $150 million from its original $250 million asking. That also represented a 40 percent price cut.

Meanwhile, the most expensive listing in L.A. County on the Multiple Listing Service, the Chartwell Estate, has remained unsold. That 25,000-square-foot residence in Bel Air, owned by the late media mogul Jerry Perenchio, received another $50 million price chop last week, bringing its ask to $195 million. The estate hit the market as a $350 million pocket listing.


Related Articles

arrow_forward_ios
Simon Fuller and the home (Credit: Michael Kovac/Getty Images, and LAT/MLS)

“American Idol” creator sees $4M gain on Bel Air estate sale

Michelle Pfeiffer and David E. Kelley purchase $22.5M Pacific Palisades home (Credit: Compass and Getty Images)

Michelle Pfeiffer, David E. Kelley buy Pacific Palisades pad for $23M

Billionaire David Saperstein lists Malibu home (Credit: Alfred Yson/Sotheby's International Realty via The Wall Street Journal)

Metro Networks founder Saperstein lists Malibu home for $115M

Actor Charlie Sheen and his mansion at 14003 Aubrey Road in Mulholland Estates (Credit: Getty Images and Realtor.com via LAT)

Charlie Sheen takes a loss on Mulholland Estates party pad

Michelle Pfeiffer, Jim Crane and the home (Credit: Getty Images and Zillow)

Move over Ellen: Michelle Pfeiffer is latest celeb RE player

Mohamed Hadid and the mansion (Credit: Getty Images, iStock, and Mega via TMZ)

Judge puts Hadid’s Bel Air mansion on demolition fast-track

Hadid and the home (Credit: Getty Images)

Hadid: I must continue building Bel Air mansion to satisfy creditors

The Beverly House (Credit: Jade Mills Estates)

Beverly House owner hopes Saudi prince is his white knight

arrow_forward_ios
Loading...