Unique Properties
Spelling’s $150 Million Manor Under Contract
By Jessica Decina
It seems like only yesterday that the Unique Homes staff was assembling its annual Ultimate Homes list, which placed The Manor, Aaron Spelling’s $150 million mansion in Holmby Hills, Calif., at the very top as the most expensive property for sale in the United States for the third consecutive year.
But with The Wall Street Journal reporting that Los Angeles’ largest private estate went under contract on June 14, it appears as if we’ve approached the end of an era.
According to reports, The Manor’s new owner will be Petra Ecclestone, the 22-year-old daughter of Bernie Ecclestone, a British billionaire who is generally considered the leader of Formula One racing. Reportedly, Petra Ecclestone also owns a six-story house in London’s Chelsea neighborhood that was purchased for about $90 million.
Built by Aaron and Candy Spelling in 1991, the mansion rests on approximately 4.7 acres and features a bowling alley, wine cellar/tasting room, a flower-cutting room and a silver storage room within its nearly 57,000 square feet. The property is complete with a swimming pool, a citrus orchard and a tennis court.
The home was co-listed by Sally Forster Jones of Coldwell Banker Residential Brokerage and Jeff Hyland of Hilton & Hyland Real Estate; neither could comment on the sale. Similarly, Candy Spelling, widow of Aaron Spelling, also declined to comment. At press time, speculation was rampant about whether the actual sales price will top the record-breaking $100 million sale of an 18-acre hilltop estate in Los Altos Hills, Calif., earlier this year.
J&J Heiress Acquires Vanderbilt Mansion
By Jessica Decina
One of Manhattan’s landmark estates — The Vanderbilt mansion at East 69th St. — reportedly sold for $48 million, the highest known sale in the region since 2008.
According to reports from The Wall Street Journal and the New York Post, the residence features more than 12,000 square feet with a grand foyer, generous kitchen and a sumptuous master suite. Within a week of the sale’s close, it was reported that Johnson & Johnson heiress Libet Johnson had purchased the circa-1881 residence for the record-setting price tag. The sale was done without a broker; Johnson is reported to be close friends with the home’s previous owners, Roger Barnett and Sloan Lindemann Barnett.
Although the privacy of the sale is common in the high end, it doesn’t happen very often, says Jonathan Miller, CEO of Miller Samuel Inc., a firm that specializes in real estate appraisal.
“I wouldn’t characterize that as common,” he affirms. “When you think about that price point, you’re talking about 1 percent of the market.”
Miller notes that Manhattan’s luxury market has seen some activity in recent months. But, he warns, movement does not equal growth, and the high end isn’t an indicator for the overall housing market.
“It’s one of these markets that goes in and out,” he explains. “When you read about a very high-profile property selling all of a sudden, owners [who] were not in a hurry see it as an opportunity to enter the market and take advantage of the increased focus.”
[...] Unique Properties [...]