1 - the market in the hills is not as robust as the market in the flats.
2 - This house is a little quirky. The floor plan is a little odd. It is a family home with limited usable land. It is a drive to everything (except the Waldorf School and Rancho San Antonio). The positives include a nice view and a lot of square footage to work with.
I think to make it more appealing to a broader market one would have to spend some money to update and correct the foot print issue Or the right buyer has to come along who is O.K. with its quirkiness Or drop its price to bring in more buyers.
Basically the market is saying (if it could talk) that the home is over priced for the value that buyer's see in it.