From left: David Geffen and the view from his new Beverly Hills development property, and Spelling Manor in Beverly Hills with Petra Ecclestone (Credit: Wikipedia and Getty Images)
Move over, Peter Morton. An unknown buyer broke a record in the county this week, spending $120 million to purchase one of L.A.’s crown jewels, the Spelling Manor. Other than that, entertainment mogul David Geffen made a splashy land-only purchase in Beverly Hills. Celebrities also listed more homes for sale.
After three years on the market and a 40 percent price chop from its original asking, the palatial Spelling Manor sold for $120 million this week. The seller, Formula One heiress Petra Ecclestone, had been looking to unload the 56,500-square-foot home in the tony Holmby Hills since 2016. It’s unclear who bought the property, originally built by television icon Aaron Spelling. The massive residence includes 123 guest rooms, tennis court, swimming pool, a bowling alley and nightclub.
Geffen, a businessman whose net worth circles around $8 billion, has spent $30 million to acquire one of the last buildable lots on Beverly Hills’ Billionaires’ Row. The 1-acre spread is undeveloped but comes equipped with plans to build a 24,500-square-foot mansion designed by Shubin Donaldson. If built according to plan, the home would have seven bedrooms, 14 bathrooms, a bar, theater, gym, bowling alley and nightclub. There would also be a 140-foot swimming pool running the length of the home.
MedMen co-founder Andrew Modlin has found a new home in the Bird Streets. The weed mogul paid $11 million to acquire a 6,400-square-foot property, which includes five bedrooms and seven bathrooms. Designed by KAA Design Group, the home also features a cactus garden, wine cellar and gym, Variety reported. It first listed for $15.9 million, roughly 30 percent higher than its final sale price.
In the Beverly Hills Post Office, actor Steve Martin is looking for a new neighbor. The comedian has put the home next door to his on the market for $2 million. Martin purchased the two-story home in 1997 for $995,000. It includes four bedrooms and four and a half bathrooms over almost 2,000 square feet. The home is next door to the actor’s main estate, which he purchased for $3 million in 1995 from actors Corbin Bernsen and Amanda Pays.
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