Carole Gene "Candy" Spelling, the widow of Aron Spelling and a well known civic leader in Los Angeles paid a whopping $47 million for a two story condo unit above the Century City tower still under construction.The price for this unit comes to an amazing $2,850 per square foot, a record price for any condo unit in Los Angeles. Spelling's new abode will include a dining room for 25 guests, a 4,000 square foot master bedroom, a conservatory with a rose garden with an adjacent swimming pool.
According to Spelling's attorney, she is moving to this new unit in order to "downsize" her living space after her husbands death. It is difficult to imagine how this can possibly be a downscaling of any sort until you consider that Spelling currently resides in a 57,000 square foot 112 room mansion, the largest home in Los Angeles which she will be auctioning off within the next year after she moves into the completed condo.
This seems to be a new trend with many parents moving out of large suburban homes and into more expensive and smaller condo units within the city especially after the kids go off to college. The higher mortgage now proceeds to eat into college funds leaving young Bobby and Britney no other option than entanglement with Salliemae.
That being said, this new trend in housing has led to the continued boom in residential highrise construction and just might result in less of a demand for suburban sprawl which has been the American dream for many years.
Image obtained from www.LaTimes.com
