Source: NYTimes.com

He produced popular hits like “Oceans 11″ and “The Karate Kid” and in 2008, his Malibu home was listed for $75 million — one of the priciest listings in California at that time. Fast-forward to 2011 and that same home is back on the market, but for nearly half the price.

Producer Jerry Weintraub’s home is on the Malibu real estate market for $42.5 million this time around, which shows just how much home values have fallen since the peak of the market in June 2006.  Although median Malibu home values are still high at $1,532,100, they’ve dropped 14.6 percent year-over-year.

Weintraub started his Hollywood career working for MCA Records before forming his own management company in 1964, where he handled many big musical names, including Frank Sinatra, Elvis Presley, Neil Diamond, the Moody Blues and the Carpenters. In 1970, Weintraub became John Denver’s personal manager.

In the late ’70s, Weintraub began producing films, including Robert Altman’s “Nashville” in 1975, all of “The Karate Kid” movies, as well as the “Oceans” series.

According to The Real Estalker, Weintraub purchased the property in two pieces: he paid $950,000 in 1978 for a four-acre parcel and $450,500 for the second 2.25-acre parcel in 1980.

Located just south of Paradise Cove, the gated seven-acre compound is huge for beachfront property. Whoever purchases this beach house can add Dick Clark as a neighbor — he lives nearby.

Besides stunning views of the Pacific Ocean and private beach access, Weintraub’s home includes 7 bedrooms and 11 bathrooms in the main house. There are more sleeping quarters in the two guest houses also on the property.

The compound also features a deluxe equestrian center with two stables and large riding ring as well as lighted tennis courts and pool.

The listing is held by agent Chris Cortazzo.