A second markdown on Jeremy Piven’s beachy retreat in Malibu has brought the price down to $8.5 million. Piven initially listed the property in the spring of last year with an ask of $10.5 million. The ‘Entourage’ star waited a full year before dropping the price to $9 million, but less than four months before clipping another half million dollars from the listing. He purchased it in 2005, for $3.5 million.

The home is big, bright, and airy, and features loft-like layouts on its first and second floors. The layout comes by way of a serious revision and extensive renovations, an overhaul which transformed the original 1949 midcentury-style Malibu beach cottage into a three-floor residence with four bedrooms.

The first floor of the home is given over to entertaining and recreating, and could be considered a full-floor great room, with tile floors, pillars, and sculpted ceiling accents distinguishing the space. It opens onto the first of three decks via sliding glass, with seating looking out over the beach and ocean.

The second floor is nearly as open, with a living area and kitchen flowing seamlessly into one another. The master suite is situated above, and features a bath with inset river stone accents on wall and tub exterior. There are four other baths in the house.

The home’s amenities include a fitness/dance studio and a small theater, but the exterior is, of course, what sells the house: decks overlooking the water, a gated entry, a trellis, and a pleasant ramshackle beachfront feel.

Piven appears in the Jamie Foxx-directed upcoming feature film ‘All-Star Weekend’; the film is due in theaters early next year.