What goes up must come down.
That rule currently applies to Sir Rod Stewart’s sprawling Los Angeles compound, which, two months after a getting significant price bump, has now had $6 million chopped from its asking price, Mansion Global reports.
The canary-colored mansion first hit the market for $70 million last June.
By December, its ask was pumped up to $80 million, with this recent adjustment leaving the sticker price on the European-inspired estate at $74 million.
Either way, the sale will spell a big profit for the “Maggie May” singer, 79, who bought the roughly 3-acre estate for $12.08 million in 1991, records show. He drafted architect Richard Landry — who’s known as the “king of the megamansion” — to design the home, which was built in 1993.
The nine-bedroom house is hidden from prying eyes behind gates and at the end of a long private driveway within Los Angeles’s Beverly Park, an exclusive and celebrity-favored community.
Across its sizable 28,000 square feet, the home is loaded with lavish details like marble floors, columns, wood paneling, fireplaces and intricate moldings.
The new price of the home “is in keeping with the Los Angeles real estate while maintaining its pedigree status as an ultra-luxury marquee product within one of LA’s most sought-after enclaves,” listing agent Tomer Fridman of the Fridman Group International told Mansion Global.
Top-notch amenities throughout the nine-bedroom home include a double-height lobby with a regal double staircase, a great room, a hand-painted speakeasy bar, a formal library with floor-to-ceiling bookcases, a gourmet kitchen, a formal dining room, cozy sitting areas, a private speakeasy and a screening room, according to the listing.
Outside, a 4,500-square-foot guest house has additional living space and a full-size gym. There’s also a pool and spa, a number of lounging areas, gardens, an outdoor entertainment area with a barbecue and a fireplace and a fully lit soccer pitch.
Meanwhile, this price cut is just one of many facing celebrities in this real estate market.
Jim Carrey’s longtime estate, for example, was listed more than a year ago and remains on the market today despite two price cuts.