PHOTO: The Senderos Canyon site. Photo: Compass

If you’ve ever lamented your property losing value, wait till you hear about the sprawling multimillion-dollar Los Angeles estate that’s been reduced by a staggering $71.5 million.

Senderos Canyon is situated in the heart of the ultra prestigious suburb of Bel Air, and boasts 258 acres (over 100 hectares) of undeveloped land equalling roughly 6 per cent of the entire suburb. It was originally put to market in 2013 at the brain-melting price of $179 million.

After three years, the anonymous owner delisted the property. This week, the estate was put back on the market at the slightly more palatable price of $107.5 million. That’s a 40 per cent price reduction.

So why the decrease in price? Agent Scott Tamkin, of Compass, said in an interview with Bloomberg that one of the reasons was changes in the way properties in the area were marketed.