This Los Angeles MegaMansion Gets a $25M Price Reduction
By Jennifer Gould Keil @ New York Post
June 26, 2018

British heiress Petra Ecclestone has put her Los Angeles megamansion back on the market for $175 million – down from its original asking price of $200 million. The Wall Street Journal first reported the listing.

She bought the home from Candy Spelling, widow of TV producer Aaron Spelling and mother of Tori Spelling, for $85 million in 2011 – the year she married her now ex-husband, British businessman James Stunt.

The house, whose nicknames include Candyland and Spelling Manor, is a giant 56,000 square feet – bigger than the White House – and comes with a two-lane bowling alley, a gym, a spa, a pool, tanning rooms and a 100-car motor court. Located on Mapleton Drive, it has seven bedrooms and seven bathrooms.

Ecclestone, the daughter of Formula One billionaire Bernie Ecclestone, hired more then 500 workers to renovate the property. She first listed the home in 2016, then divorced Stunt in 2017.

Real estate brokers say that after the divorce, she became more serious about selling the megamansion. But at $175 million, it still might be priced too high, brokers tell The Post.

Just look at comparable recent sales: The late Hugh Hefner’s Playboy mansion was on the market for $200 million before it sold for $100 million to Daren Metropoulos, the son of Twinkie tycoon Dean Metropoulos. And while Beyonce and Jay-Z once considered Ecclestone’s sprawling spread, they settled for an $88 million mansion in Bel Air.

The record for the most expensive home ever sold in California was set by Hard Rock Cafe co-founder Peter Morton, who sold his Malibu beach manse for $110 million earlier this year to natural gas billionaire Michael Smith and his wife, Iris. The Smiths also paid $110 million for three Hamptons properties in 2016.

Ecclestone’s house isn’t the priciest property on the market in Los Angeles. Developer Bruce Makowsky is trying to sell the Bel-Air mansion he built for $188 million, a price cut from the $250 million he initially wanted.

View the original article in the New York Post