Spelling Manor just sold, but this Holmby Hills estate is back on the market

The 32K sf property went back on the market for 20% off its original asking
By Gregory Cornfield | July 02, 2019 01:00PM

The home on South Mapleton in Holmby Hills

The home on South Mapleton in Holmby Hills

Just before the Spelling Manor in Holmby Hills sold Monday at a 40 percent price cut from its original asking — breaking the record for priciest Los Angeles County residential sale ever — a nearby mansion was relisted at a price chop.

That 31,624-square-foot home is back on the market for $70 million, 20 percent off its price last year. Despite the price cut, the listing is far higher than the owner paid for the home just five years ago.

The mansion on South Mapleton Drive is owned by an entity managed by two people, records show. One is Joanne Chao, a high-end house flipper; and the other Deborah Feldman, an attorney with Woodland Hills-based Feldman Berman Schwartz LLP. It’s less than half a mile from the Spelling Manor and two doors down from the Playboy Mansion.

The entity purchased the mansion in 2014 for $19.5 million from a trust that belongs Jo Anne Wallace, according to records. Realtor.com first reported the new listing. The owner filed in 2016 with the city to make alterations on the home, but it was unclear what those were.

Last year, the home was listed at a staggering $88 million. The Italian-style mansion built in 1993 has six bedrooms — including a 2,900-square-foot master suite — and 11 bathrooms. The 1.18-acre property also features a spa, movie theater, and indoor and outdoor pools.

Drew Fenton of Hilton & Hyland holds the listing. He did not return calls for comment.

The price cut adds to the growing number of Los Angeles high-end homes stuck on the market, as sellers adjust their sky-high pricing to accommodate a cooling market.

For the Spelling Manor, owner Petra Ecclestone sold the 56,000-square-foot home for $120 million, in a deal that closed July 1. The 123-room estate had been on the market since 2016, when it was listed at $200 million.