Nowhere are price cuts sharper
Selling a Home Isn’t Easy for the Rich and Famous Either
Candy and Aaron Spelling’s 14-bedroom, 57,000-square-foot mansion in the Holmby Hills section of west Los Angeles was on the market for 28 months — at $150 million, the priciest private home ever listed in the United States. Spelling eventually accepted $65 million less from Petra Ecclestone, the 22-year-old daughter of British billionaire Bernie Ecclestone.
In a market where the housing bust has rippled through all price points, few entertainers, athletes, business tycoons or other well-heeled sellers are willing to share details about their pains or gains. But nowhere are the price cuts sharper — or more visible — than in the super and ultra-luxury markets, where prices, depending on location, range from the $15 million to $50 million-plus.