Hollywood Exec Mike Medavoy Cuts Price on Beverly Hills Mansion

Mike Medavoy, veteran film producer and current CEO of Phoenix Pictures, has overseen the release of dozens of blockbuster movies, including "Rocky," "Silence of the Lambs," and "Black Swan." Now the 74-year-old exec is rolling out the red carpet for buyers -- he just lowered the price of his home in Beverly Hills, CA, to $13 million.

Medavoy and his wife, Irena, bought the two-story, 8,829-square-foot home in July 2013 for $8.2 million and went right to work renovating the property. The renovations took about two years, and the couple initially listed the home in June 2015 for $15 million.

Built in 2005, the house sits on just under 2 acres, has seven bedrooms, and comes with a detached guesthouse, which doubles as a spacious office. The two-story home looks like it's been transported from the Hamptons.

"It's very Ralph Lauren -- inspired, very beautiful, with all Ralph Lauren furniture. It's elegant yet comfortable," says Jade Mills, who is co-listing the estate with Joyce Rey. Mills adds that Irena Medavoy was in charge of redesigning the interior.