Real Estate Blog - Candy Spelling's Condo - Record-breaking $47 Million paid for a Los Angeles Condo

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Candy Spelling's Condo - Record-breaking $47 Million paid for a Los Angeles Condo

Candy Spelling, widow of TV mogul Aaron Spelling, has purchased the top two floors of a new condo development in Century City, Los Angeles for an astounding $47 Million.

The 16,500-sq.-ft. penthouse is on the top floor of a residential tower ("The Century") currently under construction and is the highest price ever paid for a condo unit in Los Angeles. She's paying $2,848 a sqaure foot. The previous record of $2,700 was set at the same Century City tower project in February 2008. It is being reported that the Master Bedroom Suite will measure 4000 sq ft.

Mrs. Spelling is downsizing her lifestyle by moving from her 123-room, 56,500-square-foot mansion in Holmby Hills in Los Angeles (The largest home in LA County). The house is For Sale with an asking price of $150 Million.

Posted by Stewart Penn - Los Angeles Condo Specialist on 07/23/2008 03:13 PM

Comments (20)

los angeles real estate, west hollywood, beverly hills, investments, finance, weho news

Originally posted at: LA Connection Property Blog: Candy Spelling's Condo - Record-breaking $47 Million paid for a Los Angeles Condo

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20 Comments on Candy Spelling's Condo - Record-breaking $47 Million paid for a Los Angeles Condo

JUL

2008

Wow, that's incredible. I wish you were involved in the sale.

all the best!

Kevin - Thanks for that good wish. Believe me, I wish it too :)

Yes, wish you were reporting that you sold this unit. Oh well there is always still some units in the building I guess you can sell :-)

And then there all the people in New Orleans that still don't have decent housing after the hurricane.

Pause and think about it.

Maybe you can find a buyer for the Holmby Home. Let's see... 3% of $150 million..? That would be a pretty sweet commission. Think I might be able to fly down to hold an open house?

mark hall vancouver wa real estate www.ernw.org

I've been thinking about this story ever since I heard the news this morning. One person has been living in a 123 room house worth $150 Million and she is downsizing to 16,500 sq ft.

Sounds a bit obscene, doesn't it?

The wonderful thing about America is that anyone can reach any height in success that they are willing to work for. Most people would not make the sacrifices or put in the time to achieve what they desire.

We all know that behind every success story that seems to come out of nowhere is typically a back story that started off not so great.

I bet her walk in closet is bigger than my whole house! I don't envy her one bit.

I don't begrudge her the right to spend her money however she chooses. Living so lavishly, when so many are hurting, would not allow me to sleep very well at night. I do hope that she supports some charities. I know that many of the super wealthy give lavishly to charities.

Hi Stewart... how much was your commission on this deal? LOL :)

This would be a good example of when a commission reduction might be in order! :)

JUL

2008

I finally managed to download an image of the condo building under construction: "The Century"

Their website proclaims that "Heaven has a new address".

It also asks the reader to "Imagine a home where opulence rises above the City of Angeles".

The property will feature 4 acres of landscaped gardens with outdoor dining rooms, furnished cabanas, a homeowners association screening room and lounge, personal wine storage, office suites and guest suites.

Does that mean there's no room for a guest in the 16,500 penthouse?

Aaron - Congratulations on setting the record in Las Vegas.

I always say "thats's what records are for ... being broken". I have a feeling we'll be doing business.

JUL

2008

I'm so glad to see Candy coming to her senses and downsizing. It must have been hell for her to keep up with the cleaning & chores at the mansion.

Anthony - The gossip (true or not, I cannot say) in LA is that she let a lot of the staff go. I suppose visiting all 123 rooms in the Mansion must be good exercise for her :)

DEC

2008

I just amazes me that one would spend so much money on a property to live in? Why would anyone need that much stuff??? Its good to downsize I guess, 123 rooms is alot of rooms (and i've seen the house via interviews) but to even build such a place, its beyonds me.

Perhaps when I can even consider spending $47,000,000.00 to downsize to a simple home, I will understand. I hope to understand someday.

We wonder why we are ina recession? Maybe because someone can amass so much money by making TV shows. who makes that kind of money? Entertainers, drug dealers and porn sites? John Lennon said it correctly, "they keep us doped on religion, sex, and TV".

God bless her

In all fairness, the mega earnings of TV moguls & entertainers has nothing to do with why we're in a recession.

JAN

2009

I was not blaming our recession on Candy Spelling or her late husband but on the consumers who consume their product. My comment was more on the state of a nation where more poeple know who Brittney Spears is than George Bush.

I blame our state of affairs on the apathy and ignorance of the people, not those who feed it.

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Stewart Penn - Los Angeles Condo Specialist

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