Live From L.A., 'SNL' Alum Laraine Newman Cuts Price of Her Home

Original "Saturday Night Live" cast member Laraine Newman has cut the asking price for her 3,108-square-foot Spanish-style home in Los Angeles. Initially listed for $2.59 million in 2015, the home is now asking $2.4 million.

The four-bedroom, three-bathroom home saw Newman host "many fabulous entertainment parties," says listing agent Hayward "Rusty" Hamrick.

Newman purchased the home with her husband, Chad Einbinder, in the late 1970s for $279,000 and hosted the likes of Steve Martin and Dan Aykroyd, Hamrick says. "There would definitely have been many parties, especially in the early '80s."

The couple did a major update to the house in recent years, seeking to maintain the vintage charm while providing modern amenities. "They've kept the original period details, but all the systems are modern," the agent explains.

For example, the master bathroom sports a soaking tub and shower along with double vanities. A massive closet and a private office are just off the master bathroom, Hamrick says.

But the agent personally prefers the downstairs area. "The kitchen is actually my favorite room in the house," says Hamrick. "It's a big, open combined den and kitchen with a marble-top center island. It's absolutely a chef's kitchen."

The grand entrance foyer leads to a step-down living room and formal dining room. The first floor also includes a fourth bedroom that can be used as an office. Three other bedrooms, including the master, are on the second floor.

Even the home's garage is impressive, sporting an 18-foot ceiling and enough space for hobbies or a home gym if a new owner so desires.

The outdoor pool and pergola-covered patio area includes a waterfall and is accessible through french doors. A new owner can kick back on the patio and simply imagine the laughter of former "SNL" cast members echoing through the home.