LA Celebs Feel Real Estate Crunch

High-profile Hamptons celebs aren't the only ones getting whacked by the housing slump. Los Angeles is now catching the big chill, and prime real estate prices are plummeting. After a stagnant year on the market listed at $27.5 million, Hollywood producer Brian Grazer has taken his mansion off the block. In 1992, Grazer and his then-lovely wife Gigi -- she's still lovely, just not married to him anymore -- bought the 9,000-square-foot 1940s cliffside house in Pacific Palisades for an undisclosed amount. Even with killer decor by (who else) Michael Smith, there has been zero action on the house.

Elsewhere in LA, Nicolas Cage has slashed the price of his digs. The house, once owned by Dean Martin and Tom Jones (though not at the same time) was going for $25 million. Now it’s $19.75 million. Meanwhile, David Hasselhoff, pinched in a divorce settlement, has put his manse on the market for $5.9 million. The Hoff, who bought the home from John Goodman in 1996 for $1.9 million, has apparently been living large. The home has five bedrooms, five baths, gourmet kitchen, elevator, office, gym, sports bar, library, media room, a two-story living room with soaring ceilings, and a master suite with a fireplace and his and hers baths. Hoff also has a grotto-style pool and spa with a waterfall, a lighted tennis court, a double-gated private driveway, a motor court, and two private guest houses. Wait a bit and see if he’ll knock another mil off the asking price.

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