The Manor, a 56,500-square-foot chateau in Holmby Hills, has sold for $120 million — the highest price of any L.A. County residence to date.
In 56,500 square feet, the"W"-shaped mansion holds 123 rooms, including 14 bedrooms and 27 bathrooms.
The astronomical transaction represents another notch in the belt for the county, which saw its price record shattered last year following the $110-million deal for Peter Morton’sIt’s the fourth sale of $100 million or more in L.A. historically and the third in Holmby Hills, which saw two record-setting sales of $100 million in 2016: for the sale of the Playboy Mansion, and for a nearby mega-mansion built on speculation.
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. Ecclestone originally shopped the limestone-draped mega-mansion as a pocket listing in 2014 at $150 million before bringing it to market in 2016 at a 33% premium — $200 million.UCLA real estate professor Paul Habibi said the sale is a good sign for developers seeking massive sums for their estates because of the precedent it sets.
“They’re not looking for affordability thresholds, and they’re not dependent on mortgage rates. Estates like these have an extremely limited, idiosyncratic buyer pool,” he said. Among deals closing for $10 million or more, the market has seen a drop of more than 25% year over year . Sales of $20 million or more are down roughly 50% .
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