If you list your house in 2009 for $49 million and it doesn’t sell, what makes you suppose it will retail at $45 million two years later? The best answer is as follows: You’ve been out of the state and have not known about the housing market collapse.

In this case, the Korean businesswoman who listed the $45 Million Beverly Hills Estate that she calls the Hutton House Estate may very well have not been around these parts much. In any case, we wish her well as she attempts to sell the 22,000-square-foot house that was purchased – unfinished – at auction in January 2007 for about $17 million. The proprietor completed the construction and put it back on the market where it did not sell.

The high-priced housing estate is located in a gated community and sits on a promontory above Benedict Canyon. It modeled after Le Petit Trianon at Versailles, according to the first time it was listed. The mansion features seven bedrooms and 15 bathrooms.

According to listing agents, the $45 Million Beverly Hills Estate will be shown by appointment only to pre-qualified buyers.