Music producer and drummer Michael Blakey has reduced the asking price for a 4,951-square-foot house that he owns in Beverly Hills, Calif.'s postal region (BH PO) to $2,995,000.

In a Big Time Listings exclusive, we can report on the latest asking price for the recently remodeled, four-bedroom house. This isn't a new listing; it first had been listed for $4,695,000 and later was reduced to $3,995,000. Since that time, it's been reduced at least two more times, now down to the present asking price of $2,995,000.

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Built in 1979, the house has four baths and luxury finishes, according to public records and listing information. Outdoor features on the 0.895-acre (38,999-square-foot) lot include views of downtown L.A., Beverly Park and Franklin Canyon, according to public records and listing information. The house is located at the crest of its street.

Blakey (shown here with Crystal Gayle) appears to have purchased the BH PO house in October 2007 as part of a joint (and to us, complicated) transaction. It appears to us that Blakey paid $2,350,000 to buy the BH PO house on October 2, 2007 from Beverly Parkers Kenneth Todd and (sometime actress) Lisa Vanderpump (who appeared in one of our favorite videos, ABC's "Poison Arrow"). At the same time, Todd and Vanderpump in September 2007 paid a recorded amount of $1,013,000 to purchase Blakey's 8,625-square-foot house in Los Angeles' Sherman Oaks area, according to public records. That $1,013,000 purchase price for Blakey's Sherman Oaks was far, far below the market, given that the house had been listed at one time for $3,595,000.

The surrounding neighborhood in the BH PO has plenty of celebrity cachet. The house that Blakey is selling is just across the street from that of rocker Trent Reznor, who paid $4,187,540 through a trust last year to purchase the 3,981-square-foot house across the street, according to public records.