Matthew Perry has slashed the price of his Malibu mansion by $1 million after turning it into a sober living facility for recovering addicts but plans to move Perry House to a more affordable location.
Matthew Perry has slashed the price of his Malibu mansion by $1 million.
The former 'Friends' star, who battled alcohol addiction in the past, recently put his beachfront property in the affluent Serra Retreat neighbourhood back on the market for $12.5 million after turning it into a sober living facility for recovering addicts.
The 44-year-old actor, who has an estimated net worth of $70 million, first listed the lavish house, which sits on 2.5 acres and is known as The Pier House, at the end of 2011 for five months, but failed to attract a buyer.
He took it off the market in early 2012 and revamped it into a rehab clinic, Perry House, with a 12-step workshop and meditation program, but is now hoping to offload it and is expected to move his rehab centre to a more affordable space in Studio City in Los Angeles, according to the LA Times.
Matthew is likely to make a sizeable profit from the sale, as he bought the four-bedroom home, which boasts views of the ocean, a home cinema, a swimming pool and a large meditation garden, for $6.55 million in 2005.
The actor moved into a mid-century modern home in the Hollywood Hills after purchasing it for $8.65 million in August 2011.
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