Candy Spelling has sold her lavish Los Angeles mansion to British heiress Petra Ecclestone.

The 65-year-old socialite - the widow of film and TV producer Aaron Spelling and mother to reality star Tori - had placed the extravagant 57,000 sq ft property on the market in March 2009 for $150 million, but is believed to have accepted a much lower sum from the 22-year-old beauty, the daughter of Formula One boss Bernie Ecclestone.

According to reports, Candy eventually auctioned off the property - which was built on the site of Bing Crosby's former house - and opened the bidding at $75 million.

However, the final closing price for the estate has not been disclosed.

The home is located in the Holmby Hills area of the city and boasts 14 bedrooms, 27 bathrooms, a car park which can accommodate 100 vehicles and an in-house bowling alley, flower-cutting room, beauty salon and "Prince Charles suite".

Petra - whose father Bernie is worth a reputed $4 billion - decided she wanted the house because she intends to split her time between London and Los Angeles after she marries her fiancee James Stunt.

Candy - who also has a son, Randy - will now live in a 15,555-sq ft condominium in Century City, California, that she purchased for $35 million.