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Iconic mansion in LA gets a price cut… to $175M

Petra Ecclestone Stunt and the Spelling mansion at 594 South Mapleton Drive (Credit: Wikipedia Commons, Getty)

Think of it as a summer discount.

Petra Ecclestone, the British socialite and heiress of Formula 1, relisted the iconic Spelling Manor for $175 million, a price chop from her $200 million asking price two years ago. The new sticker price would still be a reach for the market though, considering the most expensive home ever sold in Los Angeles was $110 million.

Built by the late television producer Aaron Spelling, the 56,000-square-foot French chateau-style compound has seven bedrooms, a two-lane bowling alley, tanning rooms, two-level closet and 123 rooms in total.

Ecclestone purchased the property from Candy Spelling, Spelling’s widow, in 2011 for $85 million, property records show. She then hired more than 500 workers to renovate it, The Wall Street Journal reported.

Rick Hilton and David Kramer of Hilton & Hyland have the listing.

Kramer said Ecclestone has received offers on the property within the last few years, including one from power couple Beyonce and Jay-Z. The two ended up settling for a spec mansion in Bel Air, purchased for the comparatively affordable price of $88 million.

Ecclestone isn’t alone in her quest for headline-grabbing real estate deals with sky-high asking prices. Billionaire Steven Udvar-Házy and his wife Christine listed their sprawling Beverly Park mansion for $165 million in April. A few months earlier, developer Bruce Makowsky dropped the price tag of his “Billionaire” mansion in Bel Air to $188 million, down from the original ask of $250 million. There’s also “Chartwell,” a yet-to-be-relisted sprawling estate in Bel Air that’s asking $350 million.

[WSJ] – Natalie Hoberman

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