Billionaire Elon Musk‘s former Bel-Air home just had its asking price slashed by a little under $3.5 million—three months after the Tesla founder moved to foreclose on the property, which was once owned by actor Gene Wilder.

The property was originally listed back in August, with an asking price of $12.95 million, shortly after Musk filed a notice of default against its current owners, Jordan Walker-Pearlman and his wife, Elizabeth Hunter.

Musk, 53, loaned Walker-Pearlman, who is “Willy Wonka” star Wilder’s nephew, and his spouse $6.7 million to help him purchase the property after deciding to offload the home back in 2020.

However, the couple fell behind on their loan payments, prompting Musk to begin the foreclosure process, which will allow him to force a sale of the home within 90 days.

At the same time that the notice was filed, Walker-Pearlman and Hunter listed the property, which was owned by Musk for seven years, between 2013 and 2020. Now, as the foreclosure deadline looms, the couple have drastically reduced the asking price for the home, slashing it to $9.5 million.

The new price is still a hefty increase on the $7 million they paid Musk—including his $6.7 million loan—in 2020, and an even bigger bump from the $6.75 billion the SpaceX billionaire bought it for in 2013.

However, the future homeowner will have to agree to preserve the place after Musk reportedly put a requirement in the sale agreement that it must never be torn down.

“A house of this significance should never be torn down,” listing agent Drew Meyers told TMZ. “It should be restored and brought back to life while maintaining its beautiful soul. We want to make sure it’s sold to someone who appreciates its timelessness.”

The property, which was built in 1951, boasts an incredible wealth of Hollywood history, having been designed by renowned architect Robert Byrd.

It was the longtime residence of Wilder, who lived there with his third wife, “Saturday Night Live” star Gilda Radner, until her death in 1989.

Musk then bought the property in 2013 via a trust and owned it for the next seven years before making the surprising decision to sell “almost all of his physical possessions” in 2020—including Wilder’s former home.

In a series of posts on the website that he now owns and has rebranded as X, Musk shared that he planned to “own no house,” before noting that his one “stipulation” in the mass fire sale was that, “Gene Wilder’s old house … cannot be rown down or lose any [of] its soul.”

In 2022, Walker-Pearlman spoke warmly of Musk’s kindness in agreeing to loan him the money, explaining that he had long dreamed of purchasing the property after spending a great deal of time there as a child.

“He could have sold it for so much more,” he told the WSJ at the time. “His sensitivity to me can’t be overstated.”

Despite Musk now taking legal action against Walker-Pearlman and his wife, the filmmaker told the outlet in August that he has no ill will toward the billionaire businessman.

“There’s no tragedy here,” he said, noting that the 2023 Hollywood strikes took a grave toll on their ability to keep up with payments on their loan.

“Elon gave us a magical opportunity. I have no complaints,” he said. “This is likely the closing of a very unicorn and beautiful chapter of our lives. I’m not disgruntled at all.”

Now, another homebuyer will have the chance to take on this “unicorn” property, which boasts 2,756 square feet of living space that is set on a 0.78-acre lot.

As well as four bedrooms, the living space includes a media room, dining room, library, breakfast nook, and sauna.

Outside, there is a quaint garden and a classic, kidney bean–shaped pool where guests can enjoy the lavish surroundings of the iconic neighborhood.