- Associated Press - Thursday, July 14, 2011

LOS ANGELES (AP) - A British heiress has closed on her $85 million purchase of a massive Los Angeles mansion built by the late television mogul Aaron Spelling.

Beverly Hills real estate brokerage firm Hilton & Hyland says 22-year-old Petra Ecclestone officially became the owner of the lavish residence on Thursday.

Spelling’s widow, Candy Spelling, put the 56,000 square-foot house on the market for $150 million two years ago, but ultimately let it go for less.

The home was built in 1990 and is the largest residence in Southern California. It is situated on 4.7 acres in the exclusive Holmby Hills area of Los Angeles.

The heiress is the daughter of sports entrepreneur Bernie Ecclestone.

Earlier this year, Russian billionaire Yuri Milner bought a 25,500-square-foot home in Los Altos Hills, Calif., for $100 million.

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