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By now, everyone who pays any attention to the Los Angeles real estate scene knows that former real estate agents to the rich and famous Joe Babajian and his bizness partner Kyle Grasso were indicted all all sorts of lurid charges of fraud and money laundering. They have been relieved of their vaunted positions at Prudential and currently await their trial, scheduled for July, unless some sort of plea agreement is reached.

Ever since his real estate shit hit the media fan, olJoeBabs has been trying to unload his fully renovated Bev Hills home located in the swanky hills of Trousdale Estates. First dropped on the market at $6,995,000, the price was quickly lowered to $6,985,000, a paltry and laughable reduction at best. However, JoeBabs must be serious about shedding his high priced digs now, because Your Mama notes that the asking price has recently been hacked all the way down to $6,595,000 in one fell swoop of the price cutting machete.

Public records show that Mister Babajian paid $1,350,013 for the house in September of 2000, but given olJoeBabs alleged sale price tinkering, it’s a bit difficult to know if that is the amount he really paid for the 3,443 square foot, 3 bedroom and 3.5 bathroom house. He obviously spent a small fortune renovating the place, but somehow Your Mama thinks JoeBabs will come out flush even with this price chop. And he better hope so, because he’s retained a very expensive attorney who will cost an arm and a leg whether JoeBabs wins or loses his uphill battle with the law.

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