Hot Property: Frankie Muniz drops price on Hollywood Hills home to $3,695,000

So much for celebrity cachet. Even Hollywood types with homes listed for sale are feeling the market’s slowdown and lowering their asking prices.

Some recent price drops:

* Real estate savvy Frankie Muniz, the Emmy-nominated star of the hit TV series “Malcolm in the Middle,” (2000-2006) has relisted his five-bedroom, four-bathroom Hollywood Hills home for $3,695,000, down from $3,875,000 when originally listed last fall. Muniz, 22, purchased it in January 2006 for about $3.5 million.

The 4,000-square-foot, two-story house, built in 1941 and completely remodeled in 2005, has hardwood floors, three fireplaces, a cook’s kitchen and French doors that lead to an entertainment patio area with an outdoor fireplace and a pool. Muniz has been dabbling in Los Angeles real estate for a few years now. When he was just 19, he owned two houses on the Westside – one with a nifty fingerprint-recognition front door. (Too much time playing Agent Cody Banks?)

Max Shapiro of Westside Estates Agency, Beverly Hills, has the listing on Muniz’s Hollywood Hills home.

* Angela Bassett and her husband, Courtney B. Vance, reduced the asking price on their Hancock Park mansion from $5,999,000 to $4.6 million.

The five-bedroom, seven-bathroom house has 4,828 square feet, plus the couple added a detached 1,384-square-foot, two-story building that has an office, gym and guest quarters. The home also includes a hair salon. (What? Yours doesn’t?)

Bassett, mom to twins, was nominated for an Oscar for her role as Tina Turner in the 1993 film “What’s Love Got to Do With It.” She starred opposite Laurence Fishburne in the movie “Akeelah and the Bee” (2006); she also starred in “How Stella Got Her Groove Back” (1998).

Vance is best known for his five-year run on the NBC series “Law & Order: Criminal Intent” (2001-2006).

The listing agent is June Ahn, Coldwell Banker Hancock Park South office.

And who isn’t lowering their listing price? Hollywood producer Mike Medavoy for one.

Medavoy, co-founder of Phoenix Pictures and the man who brought you “The Thin Red Line” and “The People vs. Larry Flynt,” recently relisted his Beverly Park home and stuck with the $23.5-million price tag. The Hamptons-style 11,000-square-foot house sits on nearly 2 acres. There are five bedrooms and nine bathrooms, a two-story entryway and a projection room. The master bedroom suite has dual baths. Pretty much, the estate has all the bells and whistles you can imagine befitting a Hollywood king. All it lacks is a buyer.

It is co-listed by Joyce Rey and Jade Mills, both Coldwell Banker Previews International, Beverly Hills.