July 15, 2011 / 4:49 PM / 8 years ago

Formula 1 heiress buys for $85 million Hollywood mansion

A view of Candy Spelling's 57,000 square foot mansion is seen in this undated still image taken from video. The mansion, featuring 123 rooms, has been sold to 22-year-old British heiress Petra Ecclestone, according to published reports on June 14, 2011. REUTERS/Reuters TV

NEW YORK (Reuters Life!) - British heiress Petra Ecclestone, whose billionaire father is Formula 1 CEO Bernie Ecclestone, has purchased a Los Angeles mansion for $85 million, a record for a southern California home.

Terms of the deal for the home that belonged to Candy Spelling, the widow of television producer Aaron Spelling, were finalized on Thursday.

Spelling sold the huge 100-room mansion after having listed it for more than two years for as much as $150 million.

Hilton & Hyland Real Estate, which handled the sale, described it as “the crown jewel in a premier Southern California neighborhood.”

When it was built in 1991 in the exclusive Holmby Hills area it set a new standard for opulence. Outfitted with a bowling alley, beauty salon and flower-cutting room, the residence known as “The Manor” drew public attention, and sometimes scorn, for its extravagance.

The Spellings built the house after demolishing the former home of singer and actor Bing Crosby, which sat on the property.

Ecclestone, 22, plans to marry soon and will use the house as a part-time residence as she spends more time in Los Angeles.

“The luxury residential real estate market in the Beverly Hills area is performing strongly,” Jeffrey Hyland said in a statement. “It stands among the global markets of Hong Kong, New York and London in enticing savvy buyers from all parts of the world.”

Aaron Spelling, who died in 2006, was the producer of hugely successful television show and movies in the 1970s and 1980s, including “Charlie’s Angels,” “Dynasty,” “The Love Boat” and “Beverly Hills, 90210.”

Reporting by Chris Michaud; editing by Patricia Reaney

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