BEVERLY HILLS, CALIF. - The owner of what was once thought to be the nation's most expensive home listing has knocked $70 million off his asking price after filing for bankruptcy protection.

The Beverly Hills mansion that once belonged to publishing magnate William Randolph Hearst was on the market for $95 million Monday, down from $165 million when it was briefly listed in 2007.

Court records reviewed by the Los Angeles Times showed that the home's owner, attorney-investor Leonard M. Ross, filed for Chapter 11 on Wednesday.

The 1920s-era pink stucco estate is shaped like the letter H and is spread across 6.5 acres north of Sunset Boulevard.

The nation's current most expensive home is believed to be Candy Spelling's $150 million Holmby Hills mansion.

FROM NEWS SERVICES