Bargain-shoppers in the high-end real estate sector will be happy to hear that Mike Medavoy, the former head of TriStar Pictures and United Artists and current chairman and CEO of Phoenix Pictures, has slashed the price on his über-luxe Beverly Hills estate by another million dollars. The 8,829-square-foot, gambrel-roofed property can now be had for $11.95 million. Originally listed in 2013 for $14.995 million, the price came down to $12.95 million more recently.

The Hamptons Traditional-style home sits on 1.86 acres and shares a street with the houses of Jon Voight, Demi Moore, Channing Tatum and Frank Macuso, Jr. In the two-story entry, you’ll find a checkerboard marble floor and a classically styled chandelier, while a step-down living room includes a fireplace atop hardwood floors. An adjoining family room features another fireplace and a wet bar.

Navy blue walls and wood shutters give the media room a nautical look, while a third fireplace can be found in the library. The white-accented kitchen includes glass and shaker cabinets as well as a marble-topped center island with bar seating.

Including four en-suite guest rooms and a staff bedroom, the home counts six bedrooms, with a master suite distinguished by French doors and yet another fireplace, as well as a private balcony and a bathroom complete with skylight.

Five cars can be nestled into the two separate garages and the backyard includes a grilling station and a swimming pool with spa.

Among Medavoy’s production credits are Zodiac, Black Swan, Shutter Island and Terrence Malick’s The Thin Red Line. His current projects in development include next year’s Long Road Home and The Promise, a historical drama set in Paris during the end of the Ottoman Empire with Christian Bale and Oscar Isaac starring.