Formula 1 Heiress Views Buying Aaron Spelling's $85 Million House A "Great Investment"

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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."

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Last year, Petra Ecclestone, daughter of Formula 1 boss Bernie Ecclestone, gave the California housing market a boost when she bought 90210 widow Candy Spelling's 57,000 square foot mansion for $85 million, as a crash pad for when she's in Los Angeles (she also owns a six-story house in London’s Chelsea neighborhood purchased for £56 million). Around the same time, Petra's sister, Tamara, paid $70 million for "a 16,000-square-foot historic brick home across the road from Kensington Palace." And while some would simply write the Sisters Ecclestone off as spoiled rich girls whose parents have footed the bill for these places (mom is Slavica Radic, a former Croatian model who lent Petra $82.4 million for the LA house), the Wall Street Journal sees what the haters will not: a couple of savvy investors who you might consider asking to manage your money. In an interview with the paper, which dubbed the Sisters Ecclestone "The First New Family of Real Estate," Tamara explained her investment thesis: Wearing Lululemon yoga pants and a fitted hoodie, Ms. Ecclestone sat in her living room, overlooking an outdoor lap pool, and explained that she sees their real estate holdings as smart purchases. "I think London [property] is a really good investment," she said. "There's no bank in the world that can give you that return." Ecclestone also shared some pearls of wisdom re: dealing with critics looking to bring you down, of which her fellow billionaires, newly minted or old, should take note. Last year Ms. Ecclestone starred in a reality program about her life called "Billion $$ Girl." One episode depicted her taking her dogs to Harrod's for facials and pedicures. Another shows her debating cancelling a meeting because she woke up with a pimple on her face. Her participation in the show, in the midst of a recession, drew criticism from many, including her father. Mr. Ecclestone said he could barely make it through one episode. "I spoke to her before and said… 'They're never going to show you in a good light,' " he said. "She was stupid to do it." Ms. Ecclestone took the criticisms in stride. "It's like water off a duck's back," she said. The First New Family Of Real Estate [WSJ]

Ken Lewis's Great Idea Pad Sells For $3.15 Million

They said it couldn't be done. They said it didn't matter if it was $4.5 million or $2.5 million or if they were giving it away. They said potentials buyers wouldn't be swayed by the pitch to "sleep where Angelo Mozilo hath slept, after a few too many troughs of Boone's farm" (AKA "The Mozilo Bedroom"), or to impress guests with the cocktail party fodder that "that chair you're sitting in right now the very one Ken Lewis was sitting in when he decided to buy Merrill Lynch, can't get better investing karma than that." They said the vomit stains on the rug would not be a selling point. They were wrong.