Beverly Hills compound once owned by Cher and Eddie Murphy gets a big price chop

In Beverly Hills, the price to live like Cher and Eddie Murphy is now about 44% cheaper.

An equestrian compound that counts both stars as former owners has returned to market at $48 million. That’s a considerable discount from when the five-acre estate first listed two years ago for $85 million. More recently, it was priced at $69.995 million, records show.

The sprawling estate was originally built for Cher, who lived there about a decade before selling it to Murphy in 1988 for $6.3 million, The Times reported.

Spanning 14 acres, the impressive estate has a combined 32,000 square feet of living space, a sunken tennis court pavilion, a cabana and a swimming pool. Ivy and flowers dot the grounds, which are well equipped for equestrians. In addition to riding trails that wind through the compound, there are five stables and a pair of white-gravel riding rings.

The main house, though unfinished, measures roughly 20,000 square feet and holds the majority of the property’s 11 bedrooms and 17 bathrooms. An atrium, a movie theater, a gym and maid’s quarters are among amenities.

A stone-clad guesthouse, which features arched windows, tiles and hand-carved doors, adds 7,000 square feet more of living space.

Joshua and Matt Altman of Douglas Elliman hold the listing.

Cher, 72, gained fame as part of the 1960s duo Sonny and Cher and later won an Oscar for her role in 1987’s “Moonstruck.” More recently, she starred in the romantic musical comedy “Mamma Mia! Here We Go Again.”

Earlier this year, she sold a country English-style home nearby in the Beverly Hills Post Office area for $2.07 million.

Murphy, 57, is a renowned actor, stand-up comedian and “Saturday Night Live” alum. His films include “Beverly Hills Cop,” “Coming to America,” “The Nutty Professor” and “Dreamgirls,” for which he won a Golden Globe for best supporting actor.

Late last year, his former lakefront mansion in Granite Bay, Calif., sold at auction for $5.5 million.

jack.flemming@latimes.com | Twitter: @jflem94