SELLER: Mike Medavoy
LOCATION: Beverly Hills, CA
PRICE: $10.95 million
SIZE: 8,829 square feet, 6 bedrooms, 8 bathrooms

YOUR MAMA’S NOTES: Although more likely a simple case of overly optimistic original pricing rather than incontrovertible evidence of the much-yammered about slump in the high-end real estate market, Mike Medavoy has slashed the asking price of his Beverly Hills home by a whopping $1 million dollars in one fell swoop from $11.95 million to $10.95 million. The radically reduced price still profitably well above the $8.2 million the veteran super-producer paid for the gambrel-roofed mansion in June 2013 but a far cry from the in-hindsight woefully rose-tinted $14.995 million price tag the property was saddled with when it first came up for sale more than 1.5 years ago.

The 8,829-square-foot residence, described in listing details as a “Hamptons Traditional,” sits at the precipitous edge of a deep ravine on 1.86 acres along a gated and celebrity lined street where a few of the other homes are owned by Demi Moore, Jon Voight, Frank Mancuso, Jr., and Channing Tatum. The two-story entry, with classically elegant black and white marble checkerboard floor, opens to a navy blue walled media room, sunny library with fireplace, and formal dining room with bay window and another fireplace. The step-down formal living room, with hardwood floors and another fireplace, adjoins the family room that has yet another fireplace plus a wet bar and is open to the spacious and expensively outfitted marble-countered kitchen. There are four en suite guest/family bedrooms, one staff bedroom, and a master retreat with French door flanked fireplace, private balcony with open views, and sky-lit bathroom with twin vanities, jetted tub, and two-person shower. A detached, two-story structure positioned across the circular drive from the front of the main house provides garaging for three cars — another garage attached to the house will hold two more vehicles — along with additional living space upstairs suitable for a home office, gym or guesthouse. The living room, family room and window-lined breakfast nook all open through French doors to the private, tree and shrubbery surrounded backyard that features flagstone terraces, built-in grilling station and bar, swimming pool with inset spa, and a small bit of well-watered lawn that gives way to panoramic canyon, mountain and sky views over the neighboring mansion that belongs to West Hollywood restaurateur and reality television star Lisa Vanderpump of “The Real Housewives of Beverly Hills.”

Mister Medavoy, who has half of a dozen projects in various stages of production, and his globe-trotting wife, Irena, are property gossip column regulars who, over the last six or seven years, have bought and sold a handful of multi-million dollar homes in some of Los Angeles’s most expensive zip codes. In the fall of 2009, after they first attempted to sell it with a wildly sanguine $23.5 million asking price, they unloaded a 10,729-square-foot mansion in the illustrious Beverly Park enclave for $12.5 million to Mexican magnate Isaac Oberfeld. The couple followed up that sale with the $5.85 million purchase of an approximately 6,200-square-foot spread in the Trousdale Estates area of Beverly Hills they flipped less than a year later, in June 2010, for $7.5 million. They next paid, in September 2010, $6 million a 9,020-square-foot mock-Med mansion in the guard-gated Mulholland Estates community that they sold just six months later for $6,999,999 million to Charlie Sheen who, in turn, unloaded the house at a significant loss in late 2015 for $6.6 million. And, finally, in the spring of 2011 the peripatetic pair paid $6 million for 5,437-square-foot house on a sloping lot overlooking the Bel-Air Country Club that this property gossip then described as a “faux-Tuscan Renaissance Revival style villa due to a lack of more discernible or specific vernacular” and that was sold for $7.8 million in 2013, just before they bought they house they now have for sale.

Listing photos: Hilton & Hyland