Petra Ecclestone: Inside the Fabulous Life of 22-Year-Old Heiress

July 29, 2011— -- Candy Spelling's 57,000-square-foot Hollywood mansion, once the most expensive home for sale in the U.S. sold in an all-cash deal for $85 million in July.

It wasn't the price tag but the buyer that raised eyebrows.

Los Angeles' largest family home, which sits on six manicured acres in Holmby Hills and has a pool, tennis court, gardens, a gift-wrapping room and a two-lane bowling alley, was not bought by a business titan or movie mogul, but a 22-year-old.

Meet Petra Ecclestone -- the daughter of Formula One billionaire Bernie Ecclestone and former Armani model, Slavika.

PHOTOS: See Ecclestone's New Hollywood Home

Why did the heiress to her family's fortune drop a reported $85 million on the Spelling estate?

"Firstly, it was a great investment. I got a really good deal," Ecclestone told ABC News of the mansion, which was originally priced at $150 million and had been sitting on the market for two years.

Ecclestone already owns one of Britain's most expensive homes, a Georgian mansion in Chelsea, valued at an estimated $90 million. "Candyland," as the Hollywood property has come to be known after its former owner, will be her second pad.

"I wanted to move to L.A. I wanted to have an amazing home. Hopefully in the future I'll be raising a family," she said. "My family from London will be coming to visit, so I need loads of space. But it really was a great investment. ... I've got a house in London and I just kind of buy prime real estate that I know hopefully won't go down in value."

To Ecclestone, who considers herself a humanitarian for her charitable work with the Meniginitis Trust and organizations in her mom's native Croatia, sees nothing wrong with how she spends her funds.

"I help as much as I can, but at the end of the day, however much the house has cost, that's not going to change the world," she said. "And I do help as much as I can and I'm not going to not live in a certain way because there are people less fortunate than I am."

Expensive real estate is only one piece of the glamorous lifestyle Ecclestone leads. The one-time model and aspiring designer considers herself an industrious worker like her parents, who are self-made.

"I'm a hard-working girl. I go to the office. I work a normal 9 to 5 job most days," she said to ABC News. "My mom came from such humble beginnings and especially my dad as well. He didn't go to university. He kind of worked up from the age of 15 and now he's nearly 80 and he's still working hard. He doesn't need to work."

Ecclestone is turning her penchant for fashion into a career. She's about to launch a handbag collection of her own, called Stark.

"I love accessories. I'm a girl. I love shoes. I love handbags. I think Americans call them purses," she said.

But she's not all handbags and hair. Ecclestone suffered viral meningitis as a child, overcame the disease and now serves as an ambassador, a fundraiser, for the Meningitis Trust. When she marries her fiance in August, the couple has asked for no gifts and encouraged guests to donate to charity instead.

That doesn't mean Ecclestone won't pull out all the stops when it comes to her nuptials, which will take place in Rome. Pop artist Rihanna sang at the couple's engagement party and Ecclestone is determined to top that.

"We're trying," she said. "I'm not going to go into the details because I want it to be a surprise for the guests."

Petra on Paris: 'She's a Really Clever Businesswoman'

Ecclestone's older sister, Tamara, 27, is cut from similar cloth. The fellow millionaire, who has been spotted sun bathing on her father's yacht in St. Tropez, France, has a reality TV show. Together, do the siblings bear a passing resemblance to socialites like Paris and Nicky Hilton?

"There's always going to be some kind of comparison because, obviously, the Hiltons are seen as heiresses, and they come from a good family or whatever and they're sisters," Ecclestone said. "I think what Paris Hilton has done with herself and the brand is really clever. She's a really clever businesswoman."

To her credit, Ecclestone seems more grounded than one might expect.

"My mom never had us with nannies. She brought us up completely by herself ... and my dad is a very simple, humble person, so I think if you've not grown up in this kind of lavish type of lifestyle with loads of maids and butlers, I think that definitely does ground you," she said.

Though she has embraced that lavish lifestyle today, with her homes and Birkin handbags, Ecclestone insists she's not spoiled.

"I'm not spoiled. I'm privileged and I think there's a huge difference in that," she said. "I'm very humble and fortunate and grateful for everything that my parents were able to achieve and how hard they've worked."