TV Mogul’s Widow Buys Condo for $47 Million

Source : LA Times

Once again these type of stories come out during the worst sub-prime mortage mess in history.This once again displays that there are some who have no sense of the struggles going on in this country. Should news like this be reported or swept under the rug?

The top two floors of a Century City residential tower still under construction have been sold for a record $47 million to Candy Spelling, the widow of TV mogul Aaron Spelling.

A $47-million price tag may seem like an enormous sum, but this is all about downshifting in the fast lane.

After all, the 62-year-old heiress with a reputation for embracing opulence will be moving out of Los Angeles County’s largest home — a 123-room, 56,500-square-foot mansion on six acres in the Holmby Hills neighborhood off Sunset Boulevard.

Builders have yet to start construction of the top of the building, so they were able to make structural adjustments to accommodate the indoor pool that opens onto a balcony, said David Wine, vice chairman of Related Cos.

New Yorkers might not blink at such a condo price in a city where a 6,300-square-feet unit in the former Plaza Hotel just sold for $24.4 million — $1,000-per-square-foot more than the Spelling deal.

Luxury-unit buyers in Los Angeles are even pickier than those in New York and expect their units to be elaborately personalized, said Wine, whose company has built several luxury projects on the East Coast including the Time Warner Center in New York.

Full story here…

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