Spelling Mansion The Price is Right at $85 Mil

Well, Candy Spelling didn't get what she was asking for, but the sale of her L.A. mansion should be enough to tide her over until around 2060.

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Sources connected with the sale of the 57,000 square foot, Holmby Hills estate tell TMZ ... 22-year-old Petra Ecclestone is plunking down $85 million for her new digs.  Candy was asking $150 mil, but in the L.A. real estate market that price was a dream.

One of our sources calls it "a fair price," adding Candy will be getting more than $1,000 a square foot -- not a bad deal.

We're told the escrow period is somewhere between 30 and 60 days.   Since Petra's dad, Formula One mogul Bernie Ecclestone, is worth $4 billion ... finding the cash shouldn't be a problem.