We’ve heard of huge price reductions, but this one takes the cake. The Bob Hope estate went on the market for the first time in 2013 for $27.5 million and just this last January took a $4.5 million tumble to $23 million. But recently the price of this grand, iconic Toluca Lake spread was reduced almost in half, dropping down $11 million to a mere $12 million total. I’m thinking this could instigate a mini land rush.

Hope acquired three more adjacent parcels of land since buying his first in 1939. Developers have been coveting the just-shy-of-three acre-property for years, hoping to carve it up into at least six “mini” or half-acre estates. Neighbors were not keen on that idea, nor were the administrators of the estate, apparently, because this price chop invites in a whole new slew of potential buyers. But I’ve actually heard from some qualified buyers who might be interested that the thirsty landscaping, which includes acres of green lawn, a putting green, a par three practice hole and lush gardens, is a bit intimidating–more because of the social perception than the expense.

Of course it would be hard for prying eyes to see what new owners decide to do on the walled and gated,

very private property that features both indoor and outdoor pools,

surrounded by mature foliage almost 80 years old. Flyovers and drones can only give hints of what’s going inside.

The listing and public records reveal that the 15,000 main residence was designed in 1939 by celebrity architect Robert Finkelhor, and then redone in the ’50’s.

Although it’s been “lovingly enhanced over the years,” parts of it still have the super trendy yet original mid-century modern feel. You can almost hear Bing Crosby and Frank Sinatra, who were frequent guests, crooning in the hallways.

There are eight bedrooms,

eight baths,

two master suites,

a soaring foyer

that opens to a formal living room with walls of glass.

In addition on the main floor are a family room,

bar and billiard room,

a formal dining room,

a library,

and a chef’s kitchen

with an adjacent breakfast room

and a giant pantry.

The property also includes staff housing and a two-bedroom guesthouse.

It’s been called one of the most iconic residences in Southern California, and that’s not just real estate agent hyperbole. The small community of Toluca Lake is a five minute drive to major studios like Universal, Disney and Warner Bros., and has been home to celebs from Amelia Earhart to Miley Cyrus, with many, many others in between, including, but not limited to, W.C. Fields, Doris Day, Andy Garcia, Steve Carrel, Denzel Washington, the Jonas Brothers and Jennifer Love Hewitt.

If you’d like a private showing, contact Craig Strong of the John Aaroe Group.

Bob Hope Estate Gets $11 Million Price Chop: It’s Now a Super Deal!