While to some the $85 million sale here may have been an outlier, to brokers it is a hopeful comp that has helped heat up the high end of the Los Angeles market. “The market is just on fire the last several months,” said Rick Hilton, a co-owner of Hilton & Hyland, a brokerage in Beverly Hills and an affiliate of Christie’s International Real Estate. (Mr. Hilton is also the father of the celebutantes Paris and Nicky Hilton.) Mr. Hilton said the inventory for premium properties was in short supply. For those following Manhattan real estate, it’s a familiar story.
LOS ANGELES, CA -NINE months after the billionaire British heiress Petra Ecclestone set this city buzzing with her purchase of a 123-room estate for $85 million, the real estate community here is hoping the sale will help propel prices high enough to crack the elusive $100 million barrier. Even in this town of fast fortunes and extravagant mansions, the record purchase price, for Candy Spelling’s Manor in Holmby Hills, by Ms. Ecclestone, the daughter of the Formula One chief executive Bernie Ecclestone, was a showstopper. Ms. Ecclestone was only 22 years old, after all, and already owned a 20,000-square-foot home in the London neighborhood of Chelsea valued at $87 million.
By Alexi Barrionuevo, April 26, 2012 NYT