22-year-old buys $150 million mansion

BEVERLY HILLS, Calif. -- The massive Southern California mansion built by the late television magnate Aaron Spelling is under contract to be sold to a British heiress.

Real estate brokerage firm Hilton & Hyland on Wednesday confirmed the sale to 22-year-old Petra Ecclestone.

The mansion had been listed for two years at $150 million. The brokerage firm wouldn't confirm the sale price until after it closes in July. But the firm did say the sale will earn the highest price ever achieved in California.

The house, called The Manor, was built in 1990 and is the largest residence in Southern California. It is situated on 4.7 acres in the exclusive Holmby Hills area.

The heiress is the daughter of sports entrepreneur Bernie Ecclestone.