Los Angeles’ luxury real estate market just received a shot in the arm: “The Manor,” a 56,500 sq.ft. chateau in Holmby Hills, sold earlier this month for $119.75 million—the highest home price in L.A. County history. It represents another notch in the belt for the county, which saw its price record shattered last year by the $110-million deal for Hard Rock Cafe co-founder Peter Morton’s Malibu beach house.
It’s the fourth sale of $100 million or more in L.A. and the third in Holmby Hills, which saw two record-setting sales of $100 million in 2016: deals for the Playboy Mansion, and for a nearby mega-mansion built on speculation. The Manor was built in 1991 for late producer Aaron Spelling and his widow, Candy. She then sold it to Petra Ecclestone, daughter of Formula One billionaire Bernie Ecclestone, for $85 million in an all-cash deal eight years ago.
The racing heiress originally shopped the limestone-draped mega-mansion as a pocket listing in 2014 at $150 million before bringing it to market in 2016 at $200 million. At the time of the sale, it was on the market for $160 million. The buyer remains unknown.
The Manor’s $119.75-million closing weighs-in as the priciest sale in California history, edging out a home in the affluent Silicon Valley community of Woodside that sold for $117.5 million in 2013. The national record still belongs to a New York penthouse towering over Central Park for which billionaire Ken Griffin paid $238 million in January.