The recently rehabbed mansion in Los Angeles’ Encino area that singer Macy Gray sold in December 2006 for $4,750,000 -- and that subsequently underwent a major rehabilitation – now has undergone a major price cut, from $11,700,000 to $9,996,000.

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In a Big Time Listings exclusive, we can report on the drastic price cut that recently was made by the owners of the mansion at 4322 Hayvenhurst Avenue in Encino. As we had exclusively reported on November 12, the owner of that property had put the mansion on the market at that time for an eye-popping (for Encino) asking price of $11,700,000. On March 7, however, the owner slashed the asking price to just below $10,000,000. All other aspects remain the same. Built in 1998, the house has eight bedrooms and nine baths, and it has more than 14,000 square feet of space (although public records still show that the house measures “only” 9,936 square feet!). All bedrooms are bedroom suites, and the house also has a wine cellar, a media room, a chef’s kitchen with Carrara marble countertops and a 60-inch range, according to listing information. Outside on the 1.078-acre property are a resort pool and spa, a north-south lighted tennis court and a two-bedroom guest house, according to listing information. Check out an online listing sheet for the house – complete with photos – here.