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Candy Closes at The Century, Pays $35 Million for Penthouse

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Images via older NYT story and Flickr user woodymcbreairty
Two and half years after the record-setting deal was first announced, Candy Spelling closed today on her penthouse at The Century in Century City, according to Susan de Franca, President of Related Sales. Spelling paid $35 million for the two-story penthouse, a lower price than the original touted sales price of $47 million. This lowered price reflects a concession granted by Related--due to the economy and falling real estate prices-- and the fact that the final build-out square footage of Spelling's penthouse (15,555 square feet) is 1,000 square feet smaller than anticipated. So, the final price was $35 million or $2,250 a square foot.

Title on the property transferred today, according to de Franca, who tells us the deal is a "sign of confidence for the real estate market and for vertical living in Los Angeles." Spelling's deal appears to set a record for a condo sale in Los Angeles.

According to county property assessor records reviewed last week, 8 units have transferred ownership at the 140-unit Robert AM Stern-designed building, which opened for sales in late 2007. Two more units closed today, according to de Franca, while a handful more sales have also closed (but not been recorded). Additional units are in contract, so overall, 30 percent of the building is either sold or in the process of closing, according to de Franca.

As for as when Spelling will move in, "there's no timeline," says Flo Grace, publicist for Spelling. "It will be at least a year." Meanwhile, her Holmby Hills home is still listed for $150 million.

We'll see you at the Century Plaza hotel bar, Candy!
· Candy Spelling Pays $47 Million for Penthouse [Curbed LA]
· Candy Spelling's $150 Million Manor Hits the MLS [Curbed LA]