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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  July 15, 2011  |   Priciest U.S. Listing Sold at 43% Discount
A Los Angeles County estate that once was the highest-priced home in the U.S. at $150 million has sold in an all-cash deal for $85 million--a 43 percent discount.

Belonging to Candy Spelling, the widow of famous TV producer Aaron Spelling, the 56,500-square-foot home--the biggest in Los Angeles County--had lingered on the market for two years at $150 million. The 4.7-acre Holmby Hills estate is about 1,500 square feet larger than the White House.

The home has sold at $85 million to British socialite Petra Ecclestone, daughter of the Ecclestone family which ranked 254th this year on Forbes’ list of wealthiest people, with a net worth of $4.2 billion. Ecclestone reportedly plans to use the estate part-time.

Determining an asking price on multimillion-dollar luxury homes can be difficult. "Generally speaking, you are not going to have matching comps because every estate is different when you get to that price range," says Jordan Cohen, estates director for RE/MAX Olson & Associates.

The home boasts 123 rooms, including a flower-cutting room, a humidity-controlled silver storage room, and a basement bowling alley.

Considering the high list price, the home was thought to possibly set a new record for the highest home price sale in the U.S. However, that title still belongs to a transaction earlier this year in Silicon Valley, which set a record for the highest known price ever paid for a single-family home in the U.S. at $100 million.

Source: “Petra Ecclestone Buys Spelling Mansion for $85 Million,” The Los Angeles Times (July 15, 2011)

Read more:
Where Is the Cheapest, Priciest Real Estate?


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