A surprising news on property and real estate is on the air right now. Los Angeles condo sells for $2,848 (per square foot) 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.

Her new home will be less than a third the size of the old one — just 16,500 square feet — but with a killer 360-degree view spanning the horizon from downtown Los Angeles to Santa Catalina Island. The condominium building called the Century is going up next door to the Century Plaza Hotel on Avenue of the Stars and will be completed in late 2009. Building developer Related Cos. of New York said Spelling would work with her own architects and designers to customize her space on the 41st and 42nd floors. But a few of the details have been negotiated.

The Century is rising on the site of the former St. Regis Hotel, a Century City landmark next to the Hyatt Regency. The 30-story hotel was completed in 1984 and hosted many famous guests, including former President Reagan. Related Cos. shuttered the property in 2005 after spending $123 million to buy it.

This entry was posted on Tuesday, July 22nd, 2008 at 10:56 pm and is filed under Condo. Tags: Century Plaza Hotel Holmby Hills Hyatt Regency Los Angeles Los Angeles County New York Reagan Real Estate Related Cos. Santa Catalina Island St. Regis Hotel . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.