Palatial Penthouse Palaces for SaleForbes.com: September 8, 2011
Luxury condo living attracts foreign home buyers, but it’s been winning over America’s rich and famous estate owners, as well. Candy Spelling, widow of late TV producer Aaron Spelling, scooped up the top two floors in Los Angeles’ super condo complex, The Century, for $35 million last year while shopping her $150 million Spelling Manor to prospective buyers. After listing her Beverly Hills estate for $42 million in February, A-list actress Jennifer Aniston snapped up multiple condos in a building in New York’s West Village, including celebrity hairdresser Sally Hershberger’s penthouse unit.
In Los Angeles, the recently completed Residences at the W Hollywood appeal to busy entrepreneurs in their 30s and 40s and “urban executives” who, like Spelling, want to trade their high-maintenance estates for simpler apartment living. Twenty-eight units have sold in the past four months, and only one of the building’s 18 penthouses remains up for grabs. The asking price for that 1,877-square-foot pad is $2.16 million. Those with more money to burn might consider the $12 million Wilshire Corridor penthouse, a 6,480-square-foot glass-walled marvel featuring a separate maid’s quarters and a fiber optic chandelier. “Good times, bad times there are penthouse buyers out there, looking for the right opportunity,” says Ron Barnes, director of sales and marketing for the Residences at W Hollywood, noting these sales can take anywhere from three months to three years to manifest no matter what the larger market conditions are. Back To Media