The 57,000 square foot property in the Los Angeles enclave of Holmby Hills has been on the market since 2009. The initial asking price was $150 million, and Candy Spelling - widow of television mogul Aaron Spelling and mother to TV star Tori Spelling - had refused to lower the price, even during the housing market crisis.

The buyer, 22-year old Petra Ecclestone, is the daughter of British billionaire and Formula One tycoon Bernie Ecclestone. Her mother, now divorced from her father, is a Croation former fashion model who has worked for Armani.The heiress Ecclestone is a fashion designer who produced a short-lived menswear label. She is planning to wed entrepreneur James Stunt this coming August, after which she plans to split her time between Los Angeles and London, where she owns a six story house in the Chelsea neighborhood.

Candy Spelling, citing a desire to downsize, bought a 15,000 square foot condominium in nearby Century City.The Manor is a French chateau-style mansion on more than 4.6 acres. It has 123 rooms, including a flower cutting room, a China room, and a "Prince Charles suite".