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.
Set on 4.7 acres where crooner Bing Crosby once had a home, the Manor has more than one acre of living space. To put that into perspective, it’s just shy of a professional football field’s worth of elbow room — including the end zones. 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-cafe-style tables and chairs — plus French music. A one-lane bowling alley featured its own shoe closet. A staff of 30 was employed to run the place.
Ecclestone, 30, made some lavish changes of her own during her stay, opting for more contemporary interiors. Among her additions were a lounge/entry lined in black-striped marble, a large aquarium in the study and a nightclub makeover in the basement level. What was once a room specifically used for Candy Spelling’s doll collecting was converted into a hair salon and massage parlor. The home now holds 123 rooms, including 14 bedrooms and 27 bathrooms. There’s also a tanning room, solarium and game room. Rolling lawns, rose gardens, citrus orchards, statues, koi ponds and fountains fill out the grounds, which include a swimming pool, spa and tennis court.
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. At the time of the sale, it was on the market for $160 million.
The $119.75-million closing weighs in as the priciest sale in California history, edging out a neoclassical-style mansion in the affluent Silicon Valley community of Woodside that sold for $117.5 million in 2013.
The buyer of the Manor, who remains unknown, was represented by Jeff Hyland of Hilton & Hyland, a Beverly Hills real estate firm.
A trio of brokerages held the listing: Kurt Rappaport of Westside Estate Agency, Jade Mills of Coldwell Banker Residential Brokerage and David Parnes and James Harris of the Agency.