Of course, “downsizing” is relative when you’re talking about people who drop $500 a day so their dog can get a massage.
So when you see headlines screaming: “Candy Spelling is Scaling Back” don’t get ready to hand over your hanky just yet.
The bazillionaire widow of TV mogul Aaron Spelling and the mother of reality TV star Tori Spelling is selling her world-famous 56,500 square foot Holmby Hills estate (better known as Los Angeles County’s largest home) and moving into a paltry 16,500 square foot penthouse.
According to the Los Angeles Times, Spelling just shelled out $47 million of her late husband’s money for a two-floor condo that is located on the 41st and 42nd floors of the brand new Century building. Candy’s new digs won’t be complete until late 2009, but the incredibly lucky socialite says her new home is worth waiting for.
The L.A. Times says Spelling’s monstrous condo comes with stunning 360-degree views of the entire city. Tori’s unemployed mother’s new home also reportedly comes with two fireplaces, a dining room for 25, staff quarters, massage room, rose garden and private swimming pool.
She’ll be giving up the gift wrapping room, 3,500 square foot closet and bowling alley that her six-acre estate had, but, hey, times are tough, right?
In obtaining her new penthouse condo, Spelling has made real estate history in Los Angeles. Reports say Stella’s grandma dropped a jaw-dropping $47 million for her new luxury pad. The price amounts to $2,848 per square foot–a new record for a Los Angeles condominium. Reports show that the old record of $2,700 was set in February, at the same building.
No word on how Tori and her brother Randy feel about their childhood home being put on the market. Rumor has it the gigantic estate is currently priced at $130 million and none of the proceeds will be shared with either of Candy’s offspring.
Which is probably why Tori is planning to write a new book.
The actress just announced that she plans to release a new novel, tentatively titled “Mommywood,” which will focus on her life as a Hollywood princess-turned-parent.
Tori’s new release is scheduled to hit store shelves in April 2009. Her last book, “sTORI Telling,” spent seven weeks on The New York Times best-seller list – and included accounts of her disastrous first marriage, her father Aaron’s death and the roller-coaster relationship with her mom.