"She will be moving into it, though it won't be up for a year or so," her attorney, Stephen Goldberg, told the Los Angeles Times.
Spelling's apartment reportedly will consist of the top two floors of the Century, a luxury condo complex still under construction and set to be finished next year.
The Times said the mother of actress Tori Spelling now lives at The Manor, the largest home in Los Angeles County.
Although her new penthouse will only be about a third of the size of her current place, it will feature panoramic views of the horizon from downtown Los Angeles to Santa Catalina Island, the newspaper said, adding the price of $2,848 per square foot that Spelling paid for her home at the Century is a record for a Los Angeles condo.
"The Manor is an awfully big property for one person," Goldberg said.