Last month, the California housing market got a huge boost when the younger daughter of Formula 1 boss Bernie Ecclestone decided to buy Candy Spelling’s 57,000 square foot house. At the time we noted that despite what the haters had to say (that this was “a gift from daddy to his spoiled little girl”), Petra clearly purchased the spread not simply because it’d be a nice vacation house when she visits the states (her primary residence is a a six-story house in London’s Chelsea neighborhood purchased for £56 million) but as a shrewd business decision that would be a boon not only to California but her own portfolio. Over the weekend, Ecclestone confirmed just that, telling an interviewer “It was a great investment. It’s prime real estate and I got a really good deal.” Continue reading »
Petra Ecclestone
Formula 1 Heiress Views Buying Aaron Spelling’s $85 Million House A “Great Investment”
By Bess Levin
Petra and dad
As I’m sure many of you know, after 90210 creator Aaron Spelling died, his wife Candy decided to downsize. She put her house on the market and moved into a $35 million 15,555 square foot condo, figuring it wouldn’t be too long before the place sold. Unfortunately, at the end of 2008, not too many people were looking for homes that had names (“The Manor”), 57,000 square feet, rooms solely devoted to gift-wrapping and asking prices of $150 million. Though she was probably advised to knock a few zeros off, Candy, the little known inspiration for Heather Locklear’s Melrose Place character, held her ground and refuse to budge on the price. Recently it started looking like the house that shows about teenagers getting high and humping built would never get sold, until a little lady named Petra Ecclestone swooped in and saved the day. Continue reading »
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