But there are methods to this seeming madness, according to The Agency’s Craig Knizek, who, along with Barrie Livingstone of Sotheby’s, is listing the property. The reason for the price hike is pretty straightforward.

“This is the first time the entire 14 acres has ever been offered to the market,” Knizek explains. “The previous listing was only for the iconic house. Since then, the house has undergone a dynamic and creative upgrade and redesign. And the new listing now includes parcels that have received city approval for 10 additional lots—which can create an exciting and exclusive new gated community of midcentury modern view homes.”

For a developer with an eye on creating a one-of-a-kind community in the hills, this is a prime opportunity. As currently spec-ed out, each of those additional homes would have a separate entrance, and would not get in the way of the views from the the swanky home already on the property.

While the home has been redesigned, it has retained its iconic look, which has been a favorite of location scouts and celebs alike. It’s been featured in TV shows like “Mad Men,” “Californication,” and “Big Little Lies,” as well as films like “Transformers,” “Dreamgirls,” and “Ali.” And it’s also played played host to celebrities ranging from Frank Sinatra to Rihanna.

However, it should be noted that this property isn’t in the traditional Southern California luxury locales of, say, Beverly Hills, Brentwood, or Bel-Air.

It’s located in the much less prominent city of Chatsworth, on a hillside that has forever unobscured views of the 1,325-acre Chatsworth Preserve, as well as the mountain range beyond.

Designed in 1951 by the celebrated architect William Pereira, it’s one of only four private residences designed by the man who is known for landmark commercial buildings including the Transamerica Pyramid in San Francisco, Pepperdine University, and the Disneyland Hotel.

Inside, the seven-bedroom, nine-bathroom residence still retains its timeless midcentury modern style.

It has huge floor-to-ceiling walls of glass, plus blond wood accents throughout. And although it has the Atomic Age spark, many of the home’s surfaces, appliances, and mechanical features have been updated and refreshed.

The property is awash in Hollywood history. Sinatra rented it for a spell, Judy Garland and Vincente Minnelli were married on the premises, and Lucille Ball stayed there after her breakup with Desi Arnaz.

Perhaps some of the most iconic and memorable scenes used by the film biz were shot around its 50-foot pool and 2,000-square-foot pergola lounge area. We’ll never forget Jon Hamm, playing Don Draper, on a bender of a visit to Los Angeles in Mad Men—he made a big splash at this very residence.

But history is still in the making in this popular home, which is still a popular celebrity event and production rental, bringing in as much as $1 million per year.

At the current price, it’s the area’s priciest property by far, asking $2,634 per square foot, while the median home listing price in Chatsworth sits at a rather modest $407 per square foot.

But I have a feeling that the pedigree, plus the property’s development potential, will entice a well-heeled buyer to bite.

See more photos and info about the Mad Men mansion in my original feature on Realtor.com.

The Mad Men mansion, which is also known as the location for myriad other TV shows, movies and celebrity parties, has made a gutsy Don Draper move.