The 95-year-old actress - who has suffered a string of health problems over the last two years - and her spouse Prince Frederic von Anhalt have listed the 8,878 square foot Bel Air property for $14.9 million because it has gotten "too big to manage", said listing agent Robert Erickson.
The property - which nine-times wed Zsa Zsa bought in 1970 - includes seven bedrooms and a swimming pool on more than an acre of land.
It was previously put up for sale last summer at $15 million, with the price reduced to $12.9 million in September before it was pulled from sale and the listing agent thinks it was initially priced too low.
Robert said: "We now feel it is priced to fair market value.
"It`s a very elegant home, with Louis XIV furniture, chandeliers and an oval entry. It`s made for entertaining."
Among the rooms in the house - where Zsa Zsa has hosted Britain`s Queen Elizabeth and US Presidents Ronald Reagan and George H.W. Bush - is an office filled with the actress` awards and movie posters.
The agent told the Hollywood Reporter: "The home feels like an homage to an era that has gone by."
Zsa Zsa has claimed that Elvis Presley and Howard Hughes both previously lived at the property, but they occupancy could not be verified.