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

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Real Estate Agent with Windermere Real Estate - Palm Springs CalBRE# 01339266

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 square 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.

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Rainmaker
126,484
Kevin O'Shea
Coldwell Banker - White Plains, NY
White Plains, NY Real Estate

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

all the best!

 

Jul 23, 2008 03:17 PM #1
Rainmaker
477,134
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

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

Jul 23, 2008 03:19 PM #2
Rainmaker
653,023
Bob & Carolin Benjamin
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes

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 :-)

Jul 23, 2008 04:30 PM #3
Rainmaker
179,678
Michelle Finnamore
in Vaughan and Toronto GTA - Vaughan, ON
Preparing your property for sale

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

Pause and think about it.

Jul 23, 2008 04:53 PM #4
Rainmaker
379,181
Mark Hall
Elite Realty NW - Keller Williams, Vancouver Washington - Vancouver, WA
Homes for Sale Vancouver Washington

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

Jul 23, 2008 04:59 PM #5
Rainmaker
477,134
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

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?

Jul 23, 2008 05:43 PM #6
Rainmaker
179,678
Michelle Finnamore
in Vaughan and Toronto GTA - Vaughan, ON
Preparing your property for sale

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.

 

Jul 23, 2008 06:23 PM #7
Rainmaker
986,650
Georgie Hunter
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

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

Jul 23, 2008 07:53 PM #8
Rainer
129,777
Rich Dansereau
Positive Real Estate Professionals - Knoxville, TN

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.

Jul 23, 2008 08:34 PM #10
Ambassador
759,367
Steve Shatsky
Berkshire Hathaway Home Services - PenFed Realty Texas - Dallas, TX
Dallas Real Estate & Short Sale Specialist (214)21

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 23, 2008 11:00 PM #11
Rainmaker
105,468
Stewart Penn - BRE# 01339266
Windermere Real Estate - Palm Springs - West Hollywood, CA
Stewart Penn - Associate Broker

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?

Jul 24, 2008 10:53 AM #12
Rainmaker
477,134
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

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 24, 2008 07:36 PM #14
Rainer
162,457
Anthony Clark
Clark Partners Realty Group - Fayetteville, AR
Real Estate. It's About Lifestyle!

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.

Jul 26, 2008 08:26 PM #15
Rainmaker
477,134
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

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 :)

Jul 26, 2008 08:31 PM #16
Rainer
54,699
Chad Baird
Re/Max Spirit - Dayton, OH

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. 

Dec 02, 2008 11:33 AM #18
Rainer
29,160
Es r
CSR - Huntington, TX

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

Dec 02, 2008 03:07 PM #19
Rainmaker
477,134
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

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

Dec 02, 2008 05:07 PM #20
Anonymous
Anonymous

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.

Jan 07, 2009 12:00 PM #21
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Rainmaker
477,134

Palm Springs Realtor Stewart Penn

Windermere Real Estate - Associate Broker
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