Michael Jackson's Last Home: Will It Sell at $10 Million Less?

Here's a thrilling prospect for real estate deal-seekers and pop culture fiends alike: After a two-year hiatus, the 17,000-square foot Bel Air mansion that was the site in June 2009 of Michael Jackson's fatal propofol overdose is back on the market -- with a $10 million price cut.

Designed by Los Angeles-based architect Richard Landry, the three-story faux-French chateau in the posh Holmby Hills area of L.A.'s Bel Air features -- in addition to the ghost of the King of Pop -- seven bedrooms, 13 bathrooms, a wine cellar and tasting room, a theater, an art studio and a guest house (you in there, Bubbles?).

After an unsuccessful attempt to generate interest with an asking price of $38 million back in 2008, owner Hubert Guez, CEO of clothing brand Ed Hardy (dubbed "the BP of fashion" by one RealEstalker commenter), leased the house to Jackson for $100,000 a month. This week, the property was re-listed with Jerry Jolton of Coldwell Banker Beverly Hills South for a mere $28,995,000.

But don't blame the ghost.
Buyers typically aren't lured by death sites, at least non-famous ones. Back in March, the Manhattan condo in which celebrity disc jockey Adam Goldstein (aka DJ AM) overdosed on a drug cocktail sold for its $1.7 million asking price. In August 2008, when power broker Linda Stein was murdered in her Park Avenue home, the penthouse quickly sold for $1.045 million (though it was reportedly worth as much as $2.4).

Jolton declined to provide further details, supernatural or otherwise, about the house, claiming that he's bound by client confidentiality. We do know, however, that all prospective buyers are subject to a rigorous background check. Still, Jolton should expect that even the most seriously interested may require at least some version of the white glove test before signing on the dotted line.

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