In one of the largest residential real estate transactions in Los Angeles history, former Google CEO Eric Schmidt has purchased the iconic Spelling Manor—a 56,000-square-foot mega-mansion once home to late TV magnate Aaron Spelling—for $110 million, as first reported by The Wall Street Journal. The home, nestled in the prestigious Holmby Hills neighborhood, originally hit the market in 2022 for $165 million, making Schmidt’s final purchase price a significant markdown and a headline-grabbing deal in an otherwise cautious high-end market.
With this acquisition, Schmidt’s luxury real estate holdings in the Los Angeles area alone exceed $300 million, solidifying his growing reputation as one of the most influential real estate buyers in California’s elite circles.
Known simply as “The Manor,” the massive estate was custom-built in the early 1990s by Aaron Spelling and his wife Candy Spelling, who reigned over the property for years before selling it to British heiress and former Formula One royalty Petra Ecclestone in 2011 for a reported $85 million. Ecclestone, in turn, invested an estimated $20 million into extensive renovations that modernized the property while preserving its storied character.
Situated on nearly five manicured acres, The Manor is widely recognized as one of the largest and most elaborate private residences in Los Angeles—and in the United States. The French chateau-style compound is clad in limestone and features a staggering 14 bedrooms and 27 bathrooms, along with:
- A two-lane bowling alley
- A full-size movie theater
- A private nightclub
- A climate-controlled wine cellar
- A beauty salon with massage and tanning rooms
- An aquarium, multiple living rooms, and a grand double staircase
The exterior grounds are equally impressive, with two motor courts, a tennis court, fountains, a resort-style pool and spa, rose gardens, and mature citrus trees. Covered parking on-site can accommodate dozens of vehicles, making the estate ideal for hosting large-scale events.
“This is a trophy property—undoubtedly one of the finest estates in the world,” read the original marketing materials from Carolwood Estates, where Drew Fenton represented the seller, and Linda May repped Schmidt in the off-market transaction.
A Strategic and Philanthropic Purchase
While many billionaires invest in high-end real estate for lifestyle and legacy, Schmidt’s purchase appears to serve a broader purpose. According to WSJ, Eric and Wendy Schmidt—longtime philanthropists with a growing presence in Los Angeles’ cultural landscape—acquired the Manor to host nonprofit functions, environmental initiatives, and cultural events. The couple recently collaborated with the Museum of Contemporary Art Los Angeles (MOCA) to establish the Environment and Art Prize, aimed at supporting sustainability-focused artists and organizations.
“Eric’s vision for this property isn’t about opulence—it’s about creating a venue for conversations and change at the highest levels,” said one source familiar with the acquisition. “He wants to make it a center of influence.”
Schmidt currently serves as Chairman of Relativity Space, an aerospace manufacturer and 3D-printing rocket innovator, and remains one of the tech world’s most prominent thought leaders. His net worth is estimated at $23 billion, per Forbes.
The purchase of The Manor is only the latest move in Eric Schmidt’s aggressive real estate expansion strategy. In addition to several homes in Holmby Hills, Schmidt owns:
- The former estate of Gregory Peck, an American film icon
- A $65 million mansion that previously belonged to hotelier Barron Hilton
- A $65 million undeveloped parcel in the Beverly Hills mountains formerly owned by Microsoft co-founder Paul Allen
- Properties in San Francisco, Montecito, Miami Beach, and London
According to insiders, Schmidt has spent over $700 million globally on real estate in the past decade, often targeting historically significant or architecturally unique properties.
The Manor’s original $165 million listing in early 2022 reflected a red-hot post-pandemic luxury real estate market, but multiple price cuts followed amid macroeconomic uncertainty. The ask was reduced to $137.5 million in April 2024, eventually settling at $110 million in 2025.
Despite the price drop, the deal still ranks among the top 5 most expensive residential sales in L.A. history, following closely behind Beyoncé and Jay-Z’s $200 million Malibu estate purchase in 2023.
Real estate analysts say Schmidt’s purchase reflects the evolving dynamics in the ultra-luxury market: trophy estates are still in demand, but savvy buyers are commanding significant discounts.
“Price cuts on mega-mansions have become more common, but when a home offers history, scale, and security like The Manor, it will always attract billionaires who want the best,” said Joyce Rey, executive director of Coldwell Banker Global Luxury.
According to Douglas Elliman’s Q2 2025 Luxury Report, the number of homes sold in the $50 million-plus range in Los Angeles increased by 12% year-over-year, even as the broader housing market slowed.
The Manor remains an icon of L.A.’s ultra-elite, a residence that has transcended the idea of a home and become a symbol of legacy, entertainment, and wealth. With Schmidt now at the helm, its next chapter may be more philanthropic and tech-influenced than ever before.
Though neither Eric nor Wendy Schmidt have commented publicly on the transaction, local cultural organizations are already buzzing with excitement about future collaborations. One board member from MOCA hinted, “The Manor will no longer just be a castle of Hollywood dreams — it may become a salon of ideas that shape the future.”
