Record-Setting Sale Was No Fluke
July 17, 2019
The recent blockbuster sale of Spelling Manor in Holmby Hills may have paved the way for more coming mega sales. The estate, now known as The Manor, recently sold for $119.75 million, a Los Angeles County record.
The 56,500-square-foot mansion—consisting of 123 rooms—is one of the largest single-family homes in the country. It even tops the White House by 1,500 square feet. It was built by the late TV mogul Aaron Spelling and his wife Candy in 1991. The home was last purchased in 2011 for $85 million in cash.
“This is far from a fluke,” Shawn Elliott, managing director of Nest Seekers International, told realtor.com® about the sale. Elliott handles luxury properties throughout the country and is licensed in Florida, New York, and California. He is currently representing Bruce Makowsky’s “Billionaire” estate listing, which is being offered for $150 million.
“There’s another sale in that range coming up soon, and with the stock market at all-time highs and interest rates at all-time lows, it’s a great time to be purchasing properties like these,” Elliott told realtor.com®.
The Manor’s $119.75 million sale may also now make mansions priced from $40 million to $80 million seem like a bargain, says Santiago Arana with The Agency. There are about 15 mansions listed for sale in Los Angeles County in that price range.
New York City, however, still holds the title for the most expensive residential property ever sold in the country. In January, Ken Griffin paid $238 million for a penthouse at 220 Central Park South.
Status may also be a driver in acquiring a trophy property, real estate pros say.
“When people are spending $80 million or more on a home, it needs to be a marquee home,” Yawar Charlie, a real estate professional with Aaron Kirman Group at Compass, told realtor.com®. “There has to be a bit of cachet with it, either the location, designer, or previous owner. Also, having the highest sale in a particular neighborhood, such as this $120 million home, gives the owner a certain level of brand recognition.”
“What Does the Record-Setting $119.75M Sale of L.A.’s Famed Spelling Manor Mean?” realtor.com® (July 15, 2019)
Updated: August 21, 2019