The New First Family of Real Estate

An $85 million L.A. mansion with a 500-worker renovation team. A $70 million London home. Two heiresses are swiftly amassing a global property portfolio—and they're part of a new generation of young, ultra-wealthy buyers.

In a real estate shopping spree of epic proportions, the daughters of Formula 1 Racing boss Bernie Ecclestone have snapped up hundreds of millions of dollars worth of high-profile properties in the past 18 months. Tamara Ecclestone, 27, bought a 16,000-square-foot historic brick home across the road from Kensington Palace, where Prince William and Duchess Catherine will soon take up residence, for about $70 million early last year. Her 23-year-old sister, Petra Stunt, paid $85 million for a 57,000-square-foot Los Angeles mansion a few months later. Known as "the Manor," the 14-bedroom, 27-bathroom home was built by Candy Spelling and her late TV producer husband Aaron Spelling.