Property values in Hidden Hills, Calif. continue to fall, with the recent return to the market of actress and former model Denise Richards' former contemporary ranch-style house, which is up for $3,495,000. Richards had bought the house in May 2006 for exactly $4,000,000, and then took a loss on it shortly thereafter, selling it in October 2007 for $3,800,000 through her Lucy Trust.

Now, in a Big Time Listings exclusive, we can report that Richards' former house, at 23703 Long Valley Road, is back on the market for $3,495,000. The five-bedroom house, whose current owners are not celebrities, hit the market on Mar. 16.

Back in 2007, we exclusively wrote about Richards selling this house, and we also had written about it earlier when Richards had listed it for $4,495,000 -- shortly after buying it -- and about her later reducing her asking price for it to $3,799,950. Built in 1954, the 5,188-square-foot house has walnut floors, decorator paints, custom window coverings and light fixtures, a great room/living room that serves as a home theater, a formal dining room that seats 14, and a chef's kitchen with top-of-the-line appliances, limestone and marble counters, custom cabinetry, and a breakfast nook, according to public records and listing information. The house also has a master suite with his and hers walk-in closets and a spa bath with dual showers (one of which is a steam shower), according to listing information. Outdoor features on the 1.108-acre property include a saltwater dark bottom pool and spa, an outdoor fireplace and barbecue pavilion, rolling green lawns, and a five-stall barn with a tack room and an office, according to public records and listing information.

Check out an online listing sheet for the house at 23703 Long Valley Road.

Richards currently owns the 5,651-square-foot house across the street, which she purchased on June 29, 2007 for $4,395,000 through her Strudel Trust.