Rod Stewart Cuts Down Asking Price for Longtime L.A. Mansion — Previously Listed for $80 Million

The rock legend has reduced the price of his home of more than 30 years to $74 million after re-listing it in December

After re-listing his 38,500-square-foot mansion for a steeper amount in December, Sir Rod Stewart is slashing the asking price.

Back in June, the rock icon, 79, initially listed his Beverly Hills property with Michelle Oliver of Douglas Elliman for $70 million. He told PEOPLE at the time that he wouldn't "take a penny under what I've asked for." Later in 2023, Stewart re-listed the property with Tomer Fridman of Compass with a $10 million increase.

Now, after two months back on the market, the house's price has changed again. As of Feb. 14, Stewart's home of more than 30 years is listed for $74 million.

"Basically, I don't want to sell it, and the kids don't want me to sell it either," Stewart told PEOPLE in June. "There's too many fond memories. I've lived [in L.A.] since 1975, and I adore the place."

Designed for Stewart in the 1990s by celeb-favorite architect Richard Landry (who also built Tom Brady and Gisele Bundchen's former L.A. home with a moat) the property features a variety of luxury amenities, including a soccer field, motor court, and an impressive pool.

Related: Rod Stewart's 8 Kids: Everything to Know

Stewart revealed that the reason he is looking to unload the property is because he plans to reside in England as his more permanent home base following the completion of his world tour and Las Vegas residency, which wrapped up in November.

"This home has such a rich family history," Fridman of The Fridman Group International said in a statement to PEOPLE. "His family spent thirty years residing there and he raised his kids there. Although they've created so many wonderful memories, it makes sense that he's eager to move on because in addition to having a packed touring schedule, he spends a majority of his time in Palm Beach and Europe."

Among the home's lavish offerings are a picturesque fountain that greets visitors outside the columned facade. Inside, the various living spaces — a great room, tea room and den on the first floor — offer ornate Old World design and several wood-burning fireplaces.

The home also comes with a private movie room and speakeasy. Outdoor amenities include an inviting pool, spa-like jacuzzi, built-in barbecue and fireplace.

Speaking with PEOPLE in June, Stewart clarified he does not think of L.A. as "toxic," despite reports otherwise.

"Let me get one thing straight here: [the press] quoted me saying Los Angeles was toxic. It's not toxic," he says. "It might be to other people, but I've had some of my best fun and years in Los Angeles. But L.A. is not toxic. Sometimes the air's a bit dirty, but I love L.A."

The end of the tour marked a shift in Stewart's personal life as well as his career. In the future, he doesn't see himself doing a big rock 'n' roll tour again.

"This will be the last time 'round, I think, to do the rock 'n' roll stuff because I want to move on to swing music and the Great American Song Book," he said in June. "But I'm not taking my songs to the cemetery and burying them. I might bring them out on the odd occasion, but I basically would like to put them to rest for a little while."

Related: Rod Stewart Discusses Taking a Break from Rock 'N' Roll — and Clears Up Those 'Toxic' L.A. Comments (Exclusive)

In addition to ending his touring era and selling his longtime home, the legend also gave away the rights to his extensive discography. According to a press release obtained by PEOPLE earlier this month, Stewart has teamed up with Iconic Artists Group for the $100 million sale of his interests in his publishing catalog and recorded music.

"This year marks my 60th year in the music industry. The time is right, and I feel fortunate to have found partners in Irving and his team at Iconic that I can entrust with my life’s work and future musical legacy,” Stewart said of the sale.

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