The pop icon was leasing the 17,171-square-foot mansion for $100,000 a month when he died there in 2009 after receiving the surgical anesthetic propofol for insomnia. His doctor, Conrad Murray, was found guilty of involuntary manslaughter in November and sentenced to four years in prison.
In the short term, they are always easier to lease than to sell, he added. "After five to seven years, you are typically going to see a full recovery."
The property was purchased in 2004 by Hardy chief executive Hubert Guez and his wife, Roxanne, for $18.5 million and had been priced as high as $38 million in 2008.
The Richard Landry-designed estate, built in 2002, has a theater for screenings, a wine cellar and tasting room, an elevator, an art studio and a gym with a spa. The guesthouse has stained-glass doors leading to the pool and gardens. There are 11 fireplaces, 7 bedrooms and 13 bathrooms. The 1.25 acres of gated grounds include a swimming pool.
Mauricio Umansky of the Agency in Beverly Hills is the listing agent, according to the Multiple Listing Service.