David Spade's Malibu Beach Home Sees Price Erosion

Master-of-the-putdown comic David Spade just listed his Malibu beachfront home at $13.5 million, a bit closer to earthly realities than when he first tried to sell it in 2007 for $16 million.

The razor-tongue Spade is perhaps learning the "Rules of Engagement" of the current housing downturn. He bought the 3,763-square-foot architectural home in 2005 for $9.3 million and extensively remodeled it. The home has four large fireplaces, hardwood floors and numerous doors that open to the sand. It's located on La Costa Beach, not far from neighbors Ozzy and Sharon Osbourne who are also trying to sell their home -- listed at $9.45 million. Spade's place is a spit closer to Carbon Beach, which is where all the real Hollywood movers and shakers are.

Spade, who may be best known for his caustic humor on "Saturday Night Live," has another home in Los Angeles and uses this one primarily as a beach house. By the way, we assume that when he shaved the price of his house, he also shaved his face. Spade was one of the celebrities to participate in "Movember," a global campaign where men grew mustaches in November to raise money and awareness for male cancer charities.

Listing agent is Bryan Harper of Coldwell Banker, according to the MLS.