Petra Ecclestone, a fashion designer and daughter of billionaire Formula One boss Bernie Ecclestone, purchased the Holmby Hills mansion for $85 million.
Aaron Spelling's widow, Candy Spelling, had been asking for $150 million, but says $85 million is a good deal.
The nearly 57,000-square-foot French chateau-style mansion, dubbed the most expensive home in America, has 123 rooms including 14 bedrooms, 27 bathrooms, a tasting room, a projection room, a China room and even a gift wrapping room. It also has five bars, a wine cellar, a bowling alley and a 100-car garage.
Outside, there's a pool and tennis court, where snow was once famously delivered for sledding at daughter Tori Spelling's birthday party.
The newly-engaged Ecclestone already owns $91 million London residence, which she told a British publication she bought because she needed a garden for her dogs.
ABC News contributed to this report.