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

TRD LOS ANGELES /
Jul.July 02, 2019 01:00 PM
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.


Related Articles

arrow_forward_ios
NAR President John Smaby and the Chartwell Estate, first shopped as a pocket listing in 2017 (credit: NAR)

NAR approves pocket listings killer

Homes on Robin and Oriole Drive

This Bird won’t sing: Home sale prices on Bird Streets don’t match sky-high listings

Kawhi Leonard and LeBron James with their California homes (Credit: Getty Images and Redfin)

Real estate rivalry: How the stars of the Lakers and Clippers live

1091 Laurel Way in Beverly Hills. The home, built in 1991, sold for $30 million. (Credit: Redfin)

Here are the priciest resi sales in LA County last week

Gary Winnick and Casa Encantada. Inset photo dates from 1939 (credit: Winnick & Company, The Huntington Library)

At $225M, Bel Air’s Casa Encantada becomes America’s priciest listing

Sabah Al-Khalid Al-Sabah and the 157-acre Mountain of Beverly Hills (Credit: Wikipedia and iStock)

Kuwaiti royal was defrauded of $160M investment in Mountain of Beverly Hills: lawsuit

The top five listings of the last seven days

Here are the priciest resi listings in LA County last week

Stacy Gottula, Fredrik Eklund, and Palazzo di Amore

Eklund-Gomes snags a big fish from The Agency

arrow_forward_ios