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Candy to Ed McMahon:

I'm Losing My House Too

7/22/2008 3:30 PM PDT BY TMZ STAFF

Candy SpellingEven Candy Spelling is feeling the housing crunch -- she's scaling back from the infamous Spelling mansion to a paltry 16,500 square foot penthouse.

Spelling just dropped $47 million (!!!) of her late husband's money on a two-floor condo that is a third of the size of her 56,500 square foot Holmby Hills estate. The apartment is located on the 41st and 42nd floors of the brand new Century building and won't be ready until 2009 -- around the time Tori gives birth to her fifth rugrat.

Candy is giving up her notorious gift wrapping room, 3,500 square foot closet and bowling alley and making do with the condo's two fireplaces, dining room for 25, staff quarters, massage room, rose garden and private swimming pool. These are tough times, people!

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