Price Reduced $8m

From the New York Post:

GIMME SHELTER

The real-estate bubble appears to be bursting, or at least deflating, for Eddie Murphy's "Bubble Hill" property in New Jersey.

The comedian, who originally listed the nearby Englewood Cliffs property for $30 million (making it New Jersey's most expensive home) in December 2004, has whittled it down to $22 million.

In August 2005, we reported that Murphy lowered the price of the 32-room, 25,000-square-foot Colonial on 5 gated acres by $3 million, just after his wife, Nicole, filed for divorce.

"I still think he's going to have to come down lower than $27 million," one local broker told us at the time. "While it is grand, it's also a bit on the gaudy side." Grand it is, with its own screening room, bowling alley, indoor pool, gym, guesthouse and professional music studio. The former "Saturday Night Live" cast member, who went on to become one of Hollywood's highest-paid actors in the 1980s, bought the then-unfinished property in 1986 for a reported $4.5 million. It's where he proposed to Nicole in 1993.