Matthew Perry's Hollywood Hills Home Gets $500K Price Cut Nearly a Year After His Death: See Photos

Matthew Perry's Hollywood Hills home has received a major price cut.

The asking price for the spacious three-bedroom, three-and-a-half-bathroom home, which was first listed in May 2024, was reduced from $5,195,000 to $4,700,000, PEOPLE can confirm.

The home is listed by Greg Holcomb and Tim Durkovic of Douglas Elliman, who described it as a "sleek mid-century treasure."

Perry, who died in October 2023 at age 54 at his Pacific Palisades residence, about 13 miles west of this property, had purchased the Hollywood Hills home in May 2023 for $5 million, per Robb Report. It is believed to be the last home he bought before his death, Realtor.com reports.

Featuring 2,793 square feet of renovated space, the 1957 home has a modern kitchen, floor-to-ceiling windows and a fireplace that connects the living room and dining room.

In the backyard, there's a central patio with a built-in fire pit and pool

One of the bedrooms is currently styled as a screening room. Meanwhile, the primary bedroom has sliding glass doors connected to the pool area along with a walk-in closet.

The Friends alum purchased the Pacific Palisades home in 2020 for $6 million, according to House Beautiful.

Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories. 

Following an investigation, Perry's cause of death was ruled as "acute effects of ketamine," according to reports obtained by PEOPLE.

Though Perry was "reportedly clean for 19 months" before his death, he was undergoing ketamine therapy at the time of his death. The coroner stated that "the ketamine in his system at death could not be from that infusion therapy, since ketamine's half-life is 3 to 4 hours, or less."

On Aug. 15, five people who were allegedly involved in Perry's death had charges filed against them.

Dr. Mark Chavez, one of the doctors charged, agreed to a plea deal on Aug. 30 and will plead guilty to one drug charge.