Spelling Mansion The Price is Right at $85 Mil

6/14/2011 5:15 PM PDT

candy spelling sells l.a. mansion for $85 million to Petra Ecclestone

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.

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.