Former Google CEO Eric Schmidt splurges on Spelling Manor, dishing out $110 million.

Eric Schmidt, the former CEO of Google, has made headlines with his recent acquisition of the iconic Spelling Manor in Los Angeles. This luxurious estate once belonged to television producer Aaron Spelling and has a rich history that reflects the grandeur of Hollywood’s elite. Schmidt’s purchase not only adds to his impressive real estate portfolio but also marks a significant milestone in the ongoing evolution of a historic property.

The Journey of Google’s Leadership

In 2001, the venture capital investors behind Google, a budding search engine on the verge of going public, tasked co-founders Larry Page and Sergey Brin with a crucial decision: hire a CEO. Although neither was keen on the idea, they proceeded with interviews, dismissing a slew of high-profile candidates until Eric Schmidt walked through the door.

Schmidt’s extensive corporate background — including roles as CTO at Sun Microsystems and CEO of Novell — typically would have deterred the Google founders. However, his credentials as a computer science PhD and part-time instructor at Stanford, their alma mater, resonated with Page and Brin. He shared their passion for technology and coding, leading to his appointment as Google’s CEO on August 6, 2001.

Over the next decade, Schmidt played a pivotal role in steering the company through its IPO and establishing its dominance in the tech world. He stepped down as CEO in 2011 but remained active as chairman until 2017 and continued as a board member until 2019.

Throughout his tenure, Schmidt was well-compensated, retaining about 1% of Alphabet, Google’s parent company, a stake valued at approximately $23 billion. After selling more than $7 billion in equity, his net worth now stands at around $36 billion.

A New Chapter for Spelling Manor

Since stepping away from Google, Schmidt has cultivated a reputation as a luxury real estate collector, amassing properties in locations such as California, Miami, London, and even Nantucket. His latest acquisition, The Spelling Manor, is among the most recognized residences in Los Angeles.

Commissioned in the late 1980s by Aaron Spelling and his wife, Candy, the mansion was designed to serve as a symbol of their Hollywood status. Originally built on the site of Bing Crosby’s former estate, The Manor emerged as one of Los Angeles’s largest private homes, encompassing 56,500 square feet and featuring a remarkable array of amenities. With its 14 bedrooms, 27 bathrooms, and extravagant facilities including a bowling alley and beauty salon, the property reflects the lavish lifestyle of the Spellings.

Completed in 1991, the property is set on nearly five acres in the prestigious Holmby Hills neighborhood. The elaborate design showcases a French château style, equipped with features such as a wine cellar, screening room, and even a motor court with space for 100 cars.

The Sales and Renovations of The Manor

Despite the opulence of The Manor, the Spellings considered it a cozy family home. After Aaron Spelling’s passing in 2006, Candy decided to sell the property. In 2011, she sold The Manor to Petra Ecclestone, daughter of Formula One mogul Bernie Ecclestone, for an astounding $85 million in cash, a record-breaking residential sale at the time.

Ecclestone undertook an extensive renovation, employing over 500 workers to modernize the estate while replacing its former opulence with a contemporary European style. Although she rarely lived in the home and eventually listed it off-market, Petra sold it in 2019 for $120 million to a buyer rumored to be of Saudi origin, shrouding the sale in mystery.

Most recently, amid legal disputes that complicated the property’s title, Spelling Manor returned to market with a listing price of $137.5 million. This week, following multiple negotiations, Eric Schmidt and his wife Wendy purchased the iconic estate for $110 million, marking a new chapter for both the property and its latest owner.