The long-running drama over the sale of the highest-priced home in the U.S. appears to be heading to its finale. 
 
 Candy Spelling's 57,000-square foot Los Angeles home, which had a $150 million asking price, is in contract to be sold to 22-year-old heiress Petra Ecclestone, daughter of billionaire Formula One racing boss Bernard Ecclestone. WSJ's Juliet Chung and Candace Jackson report. 
 
 The 57,000-square foot Los Angeles mansion built by the late TV producer Aaron Spelling is slated for sale to a 22-year-old heiress to a Formula One racing fortune. The home on five acres of property in Holmby Hills has a bowling alley, beauty salon, several gift-wrapping rooms and parking for 100 cars. 
 
 "The Manor," as the property is known, had a list price of $150 million that didn't budge during the real-estate downturn that sent prices in Los Angeles down by more than a third. The sales price was not disclosed. 
 
 The buyer, Petra Ecclestone, will be splitting her time between London and Los Angeles after her planned August wedding to entrepreneur James Stunt, according to a spokeswoman. Ms. Ecclestone's father is the British billionaire and Formula One racing boss Bernie Ecclestone. 
 
 The seller, Candy Spelling, Mr. Spelling's widow, declined to comment. Mr. Spelling produced such TV shows as "Mod Squad," "Charlie's Angels," "Dynasty," "Starsky and Hutch," "Beverly Hills, 90210," and "Melrose Place." 
 
 Spelling Mansion Sells View Slideshow 
 
 Ms. Spelling and her husband bought the property in the early 1980s and tore down the existing house to build the French chateau-style home in 1991. The home has a double staircase inspired by "Gone With the Wind." It was considered the largest home in Los Angeles by far when it was built. 
 
 There's also a flower-cutting room, a china room, a "Prince Charles suite," named after its one-time royal guest, and a library in which Ms. Spelling bound her husband's scripts. The estate has been shown since 2008 and was officially listed in March 2009. 
 
 If completed, the sale would underscore the importance of foreign buyers in the U.S. real-estate market. Earlier this year, Russian investor Yuri Milner bought a Silicon Valley home for $100 million, the highest-known price paid for a single-family home in the U.S. 
 
 Russian composer Igor Krutoy and his wife, Olga, recently bought a condominium at New York's Plaza for $48 million. 
 
 Overall, though, the real-estate market in the U.S. is struggling, with prices sinking to 2002 levels in the first quarter, according to the S&P/Case-Shiller National Index released earlier this month. 
 
 Getty Images Petra Ecclestone during the Monaco Formula One Grand Prix in May. 
 
 Petra Ecclestone also has a six-story house in London's Chelsea neighborhood purchased for £56 million ($90.9 million), according to press reports. In 2004, her father sold a mansion in Kensington Palace Gardens to steel magnate Lakshmi Mittal for £57 million, according to reports. 
 
 Ms. Spelling has said she wanted to downsize. She closed in December 2010 on a 15,555-square-foot condominium in nearby Century City for $35 million. 
 
 She had earlier agreed to pay $47 million for the two-story penthouse in Related Cos. Art Deco-inspired tower, "The Century," but Related dropped prices amid the weak market. The new price also reflected a smaller square footage and other changes. 
 
 Rick Hilton and David Kramer of Hilton & Hyland, a Christie's International Real Estate affiliate, represent Ms. Ecclestone. Mr. Hilton and Jeff Hyland of the same firm share the listing with Sally Forster Jones of Coldwell Banker. 
 
 Write to Juliet Chung at juliet.chung@wsj.com and Candace Jackson at candace.jackson@wsj.com ||||| WENN.com 
 
 The 6,744-square-foot NYC apartment of former Citigroup Chairman Sandy Weill has sold for a record-high $88 million to the 22-year-old daughter of a Russian billionaire who plans to use the apartment part time when visiting the city. 
 
 Representatives for Ekaterina Rybolovleva, daughter of Russian billionaire Dmitry Rybolovlev, confirmed in a statement that a company associated with woman had signed a contract to purchase Weill's apartment at 15 Central Park West. 
 
 PHOTOS: See Inside Rybolovleva's New Home 
 
 Weill listed the 10-room apartment, with views of Central Park, for $88 million in November, promising to donate the proceeds of the sale to charity. 
 
 The New York Observer was the first to report that Rybolovleva paid the full asking price, making it the highest individual transaction in New York City history. 
 
 Rybolovleva is studying at an undisclosed U.S. university and plans to stay in the apartment when visiting New York, her reps said. She was born in Russia but has lived in Monaco and Switzerland for the past 15 years. 
 
 The man footing her apartment bill, her father, Dmitriy Rybolovlev, is the world's 93rd richest man, according to Forbes, with a net worth around $9.5 billion. He made his fortune through a fertilizer business, Uralkali, which he sold in 2010. 
 
 Rybolovlev has made headlines before, for both his real estate transactions and his personal life. 
 
 In 1996, he was accused of murdering a fellow businessman before ultimately being acquitted for lack of evidence. 
 
 More than a decade later, in 2008, he purchased Donald Trump's 33,000-square-foot Palm Beach mansion for $95 million. He is now battling his wife, Elena, over control of that mansion in their ongoing, billion-dollar divorce. 
 
 His daughter's new New York pied-a-terre includes a wraparound terrace that, alone, is bigger than most New York apartments, at more than 2,000 square feet. 
 
 The four bedroom apartment, which Weill and wife Joan purchased in 2007 for $43.7 million, also includes two wood-burning fireplaces. 
 
 The previous real estate record in New York was the $53 million sale of a townhouse to a private-equity investor in 2006. 
 
 Rybolovleva is not the first 22-year-old heiress to make real estate headlines in the United States this year. 
 
 In July, heiress Petra Ecclestone, daughter of U.K. Formula One billionaire Bernie Ecclestone, made a similarly high-priced purchase on the West Coast. She paid $85 million in cash for "Candyland," the nearly 57,000-square-foot Los Angeles mansion that was previously owned by Candy Spelling, the widow of famed U.S. television producer Aaron Spelling, and the mother of reality-TV star Tori Spelling.
– It's probably just like your first house: 57,000 square feet, double staircase inspired by Gone With the Wind, parking for 100, bowling alley, beauty salon, flower-cutting room, gift-wrapping rooms, etc. But all this can no longer be yours for the paltry price of $150 million, as the iconic home—the highest-priced in the country—of late television producer Aaron Spelling and his wife, Candy, has gone under contract. Candy Spelling had signaled her intent to sell in 2008, and officially listed The Manor, as it's known, in 2009. The sale price is unknown until the deal closes, but Spelling had stuck to her $150 million mark even as the LA real estate market took a drubbing in the housing crisis. The buyer is Petra Ecclestone, the 22-year-old daughter of the founder of Formula One racing, notes the Wall Street Journal. She'll live there part time. Click for more on The Manor and its 27 bathrooms.