One of the highest-priced residences in the nation is now $25 million closer to affordable.
The Manor, a Holmby Hills megamansion built for Aaron and Candy Spelling, hit the market in 2016 with a $200 million asking price. Owner Petra Ecclestone is now seeking a more modest $175 million sum for the enormous home, which she purchased in 2011 and extensively remodeled.
The 56,000-square-foot residence is slightly larger than the White House and sits on 5 acres in one of the most exclusive neighborhoods in the LA area. The Spellings commissioned the home in 1988, at the height of Aaron Spelling’s success as a TV producer. The couple demolished a more humble mansion once owned by Bing Crosby to make space for the 123-room estate.
Formula One heiress Ecclestone paid $85 million for the house seven years ago and was rumored to have turned down $150 million for the place in 2015. If it sells for anywhere close to that price point, the mansion will shatter records for the highest-priced sale in Los Angeles history.
The Manor has competition. A Bel Air spec house known as “Billionaire” is now on the market for $188 million—after a $62 million price cut in April. Either house could become the most expensive sold in the United States. The title is currently held by a Hamptons estate that fetched nearly $150 million in 2014.