Dr. Phil Home Sale Pending After $2.6 Million Drop

Shortly after Dr. Phil cut the price of his Beverly Hills, Calif., home a buyer has stepped forward, according to listing realtor Billy Dolan with Hilton & Highland. The home was first listed at $16.5 million in July then eight months later dropped to $13.899 million. The sale is still pending, so Dolan couldn't reveal numbers, but he did say the price drop helped.

"That's all it takes in today's market," Dolan told AOL Real Estate. "A lot of sellers have a fear of leaving money on the table. In this price category it's very common to ask a price that's beyond a realistic expectation with the assumption that if someone's interested they're going to come in and make an offer."

When that wasn't working after eight months, McGraw, pictured left with his wife, Robin, brought the price down "a little closer to what the realistic value is and had less room to negotiate."