Downsizing ... to a $47 million condo

From this morning's L.A. Times: "The top two floors of a Century City residential tower still under construction have been sold for a record $47 million to Candy Spelling, the widow of TV mogul Aaron Spelling."

How is that downsizing? Spelling, 62, is moving out of the biggest home in L.A., a 123-room, 56,000 square-foot mansion in Holmby Hills. The new place is a relatively tight squeeze, the Times' Roger Vincent reports:

"Her new home will be less than a third the size of the old one -- just 16,500 square feet -- but with a killer 360-degree view spanning the horizon from downtown Los Angeles to Santa Catalina Island. The condominium building called the Century is going up next door to the Century Plaza Hotel on Avenue of the Stars and will be completed in late 2009."

More: "There are still wealthy buyers keeping the very top end in play -- often at ever higher prices. The price of $2,848 per square foot paid by Spelling at the Century is a record for a Los Angeles condo. The old record of $2,700 was set in February -- at the same building."

Posted by Peter Viles
Your thoughts? Comments?
Photo credit: Los Angeles Times

Comments

[Rich]

Pretty refreshing to watch daughter Tori on her reality tv show slugging it out in the non-trust fund world looking for an ordinary (well, almost ordinary) house with her ordinary hubby. Now that daughter has liberated herself from the shackles of wealth Maybe she can reconcile with mom in time to rescue her from her concrete high-rise mausoleum...

[tew]

It's important to keep in mind that this supports more than just the ultra high end. It helps keep prices higher across the whole market. This is because the wealthy remove supply. In this case, two entire floors' square footage of a condo. In other cases, it's lot size. So think not about their direct demand side impact, but on their impact on the supply that is then available to the next tier of folks (and so on).

In this example, suppose a moderate-high income (but not "wealthy") family of four would live in a 2,000 sq. foot condo. Those two floors would hold supply for 8x4 = 32 people, but instead will be occupied by a few (widow + servants).

[MyLessThanPrimeBeef]

Is it me or is the tower leaning?

In LA where all things weird are treasured, that ought to make the units ever more expensive!

[Nelcisco]

Nelcisco: So what? she can afford it. Live your own life

Was are you kinding me's response to my comment on the last article July 22 7:05am.

areyoukindingme-people can live any way they want according to what they can afford, thats not my issue.

But reading reports like this and the report that just came out earlier by Peter Hong that NOD's in our golden state from April to June is up an alaming 125% from the same period last year seems a little obsene.

I mean... do we really want to hear about Aaron Spelling's trophy wife's plans to downsize from a 123 room 56,000 sq ft palace to a humble 16,000 sq ft condor that cost her 47 million bucks??? while 118,000 homeowners recieved NOD's during the last quarter?? And most of us whom been bloging here can agree by some of your comments in other articals that we're just now seeing the tip of the iceberg

[AreYouKiddingMe]

Nelciso: I enjoy hearing about it. This is a blog about LA real estate. Not just about hard luck LA real estate. Most LA homeowners are doing just fine, thank you.

[Mary C.]

I don't know, who was her competition to buy this space and how much were they offering? I wouldn't have paid this much if I had a couple of billion laying around, but of course I don't . . . Still, the wealthy stay wealthy by seeking out bargains. This is no bargain (though I guess she'll save a fortune on upkeep as compared to a detached house with multi-acres of lawns and gardens). The property tax alone on this place for one year will be more than the median price of an entire house. Plus, I wonder what the HOA fees are every month for two stories worth of condos?

[E]

Anybody who thinks that a billionaire that takes a few floors of a building off the market will help the housing market one iota is a moron plain and simple.

Watch the idiot condo marketers jump on this as a sign that normal people want to overpay for glorified apartments.

[deRuiter]

Isn't this great news? The woman can afford it, she should enjoy it in good health. THINK OF THE PEOPLE WHO WILL MAKE MONEY FROM THIS: the construction workers building it, the kitchen shop which does the kitchen and bathrooms, the decorator, the furniture and accessory makers, the folks who make window treatments, the maintenance people who keep it clean, the staff who are at her beck and call. Also at the house she sold, the same type of workers will have a lot of business remodeling and redecorating the old house for the new oenrs. People, THIS IS WHAT WILL GET THE ECONOMY MOVING, NOT THE GOVERNMENT CONFISCATING OUR MONEY IN TAXES AND THEN CLAIMING WE'RE GETTING A GIFT WITH A STIMULOUS PACKAGE. This lady is spreading her money around, good for her!

[Nelcisco]

Fair enough kiddingme!!!!

[aj]

I truly wish her the best of fortunes...
Question... is there the proverbial "hubbard clause"? That she cannot close unless she sells the original house? This would explain the high price in my minds eye... again only my humble opinion...explanation 101...

[REPO4SALE]

Donald, we have bigger "Investors" and "higher condo prices" than you do in NY. HA HA! We will beat you to the $3000 per foot record.

[peter]

That's funny. I was just telling someone the other day that my roomate moved out, so I've decided to keep my 1000 sqft 2/1 to myself until the lease is up. I feel like a millionaire, living in a 2/1 by myself in Studio City!!
Whooo Hoo!
Me and Candy.... living LARGE!

[Sean]

I feel bad for Tori, she was never rude like typical Hollywood rich daughters. I think she deserves something for being the daughter of very wealthy parents, as she is expected to live that life style and use her fathers money to support good causes.

I think Tori's Mother is a very selfish person for not to take care of her family better. This Penthouse is the closest she is going to get to heaven, after this life Candy can enjoy the elevator ride down unless she changes her ways and takes care of her family.