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The Los Angeles Times reported today that Candy Spelling, widow of TV producer Aaron Spelling, paid $47 million for a condo at the Century, a new building being built by New York City-based Related Cos. The price is a record for a condo in the city. It works out to be $2,800 a square foot.
Ms. Spelling is taking offers for the famous 123 room mansion in LA’s Holmby Hills neighborhood that she and her husband built in the late 1980s. It has 11 bedrooms, 16 bathrooms, a bowling alley, gift-wrapping room and a doll museum. She’ll soon be living in just a third of the former space at 16,500 square feet. Sooner or later we all have to downsize.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.