Armand Marciano, co-creator of the Guess? Jeans empire, has put his Beverly Crest-area estate back on the market for $54.5 million. That’s quite a chop from the $63 million he was asking for the estate two years ago.

Built in 2001 and set on nearly 20 acres overlooking the city, the Mediterranean-style mansion clocks in at 30,000 square feet of space that spans three stories. It features seven bedrooms, 13 full bathrooms and nine-and-a-half baths and includes an elevator, nine fireplaces, a wine cellar, and parking for 27 cars.

Standard for an estate of this size, the home has staff quarters with three bedrooms and a separate full kitchen.

The interiors have been designed for modern lifestyles, yet pay homage to timeless European elegance, which include a formal living room, dining room, library, commercial-grade gourmet kitchen, breakfast nook, family room, gym, game room, projection screening room and wine cellar.

According to the listing, “the grounds inspire the kind of serenity found in the world’s most secluded villas, with immaculate lawns and gardens, orchards, fountains, a mosaic-tiled swimming pool, outdoor pavilion, pool house with kitchen and pizza oven, tennis court and pavilion, walking paths and a view to envy.”

 Joyce Rey of Coldwell Banker holds the listing.