Los Angeles’ ailing luxury real estate market just received a shot in the arm: The Manor, a 56,500-square-foot chateau in Holmby Hills, has sold for $119.75 million — the highest home price in Los Angeles County history.
The astronomical sale closed Tuesday, according to the Multiple Listing Service. It represents another notch in the belt for the county, which saw its price record shattered last year by the $110-million deal for Hard Rock Cafe co-founder Peter Morton’s Malibu beach house.
It’s the fourth sale of $100 million or more in L.A. and the third in Holmby Hills, which saw two record-setting sales of $100 million in 2016: deals for the Playboy Mansion, and for a nearby mega-mansion built on speculation.
It’s a mammoth price for what is the largest home in L.A. and among the largest single-family homes in the U.S.
The mansion is 1,500 square feet larger than the White House, which has about 55,000 square feet of space.
The Manor was built in 1991 for late producer Aaron Spelling and his widow, Candy Spelling. She then sold it to its current owner Petra Ecclestone, daughter of Formula One billionaire Bernie Ecclestone, for $85 million in an all-cash deal eight years ago.
Nicknamed “Candyland” during the Spellings’ reign, the “W”-shaped estate introduced extravagance unrivaled at the time: 20-plus customized rooms including a flower-cutting room, a humidity-controlled silver storage room, a barbershop and multiple gift-wrapping rooms.
A French wine and cheese room was furnished with sidewalk tables and chairs — plus French music. A one-lane bowling alley featured its own shoe closet. Read more