Developer Max Nobel, purchased the 2-acre property on Benedict Canyon Drive from Simmons for US$16 million in 2021 according to Mansion Global.
After an extensive renovation that added 3,000 square feet to the residence, Mr Nobel initially listed the property for $48 million in 2023.
The property has undergone several price adjustments since then, including a $5 million reduction in November and the most recent $1 million cut.
The home was briefly taken off the market before being relisted in January at $34 million.
Mr Simmons had owned the property for nearly four decades, having purchased it in 1984 for US$1.35 million before selling it to Nobel.
According to the listing, the renovated mansion now spans 16,390 square feet and features seven bedrooms and eleven bathrooms.