Off key: “American Idol” creator cuts price on Bel Air home

Simon Fuller will take $2.5M less after nearly a year on the market

Simon Fuller and his wife, Natalie
Simon Fuller and his wife, Natalie

“American Idol” creator Simon Fuller advanced to a new round in the quest to sell his Bel Air home, but it’s one he would rather have avoided.

Nearly a year after having listed his 11,200-square-foot Chalon Road manse for $35 million, Fuller has dropped the price, according to the Los Angeles Times. The home is now on the market for $32.5 million.

In January, Fuller and his wife, Natalie, listed the seven-bedroom and seven-bathroom home after quietly shopping it  for $37.5 million last fall. Hilton & Hyland’s Drew Fenton has the listing.

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His latest ask is still well above the $24 million he paid for the home in 2014. Fuller himself bought the home at 20 percent below the asking. Former owner David Murdoch had first listed it for $30 million.

This price chop is in line with the state of the Los Angeles luxury market, which has been slowing for two years amid what had been a run of “aspirational pricing,” according to brokers.

The Fullers had better luck in 2016, when they made a $6.1 million profit on the $14.6 million sale of a Beverly Hills estate.

Meanwhile, the 92-year-old Chalon Road estate was designed by prolific L.A. architect George Kaufmann. Several celebrities have owned it over the years. Actress Lori Loughlin and her husband designer J. Mossimo Giannulli owned it in the 1990s. The couple sold it to Murdoch for around $10 million in 2001. More recently, Loughlin and Giannulli were charged in the sweeping college admissions scandal that broke this year. [LAT]Dennis Lynch