A three-bedroom house in Beverly Hills, Calif. that once was owned by Monkees frontman Mike Nesmith has been reduced from $5,450,000 to $4,995,000.

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In a Big Time Listings exclusive, we can report on the price reduction of the 2,308-square-foot house at 1501 Summitridge Drive in Beverly Hills. Built in 1937 and situated on 3.86 gated acres on a private street, the house was owned by Nesmith until he sold it to its current owners for $1,150,000 in late 1995, according to public records and listing information.

Features in the European-style house include four and a half baths, a chef’s kitchen, a media room, a library, two offices, an indoor/outdoor floor plan, and a custom stone spa, according to listing information. Outside are terraced gardens, stonework, fountains, waterfalls, verandas, patios, gardens, walking paths, and a large motor court, according to listing information.

Check out an online listing sheet – complete with photos – for the house here.