A home in Los Angeles that was previously the most expensive in the USA, has been snapped up at a staggering 43% discount.
The 56,500 square foot residence was sold by its owner Candy Spelling, widow of Aaron Spelling, the late TV producer, for just $85 million. The home had previously been listed at $150 million for the last two years.
Slightly larger than the White House, the enormous Holmby Hills property was snapped up by UK socialite Petra Ecclestone, the daughter of Formula One chief Bernie Ecclestone, whose family fortune was recently estimated to be worth $4.2 billion, putting them 254th on the Forbes rich-list of the world's wealthiest people.
Estimating the value of a property can be incredibly difficult when it comes to multi-million dollar luxury mansions such as this one, says RE/MAX's Jorden Cohen. "With homes this size, you don't ever get matching comps, because they are all unique when you get into the multi-million dollar price range," she said.
But despite initial reports saying that the property had set a new record as the most expensive home in the US, the property at Holmby Hills falls just short of the mark. The title currently belongs to a Silicon Valley property which went for the highest ever known price at $100 million earlier this year.