The home of Douglas in Valldemossa. | R.D.

Michael Douglas and his ex-wife Diandra Luker have dropped the asking price of their property in Valldemossa again. The couple, who have time shared the property six months each since they divorced first put the luxury property on the market in 2014 for 55 million euros and now two and half years later, Engel & Volkers have taken care of selling the coastal and unique property, the asking price has been dropped for the second time to 36.5 million euros.

There has been a great deal of interest in the property and it has been visited by a number of potential buyers, however, so far no one has purchased the property which Michael Douglas bought over 20 years ago and has spent millions of euros on renovating and restoring to its formal glory. Douglas bought the property 1989 for £2.7 million after becoming enchanted by its history. He spent £5.5 million renovating it, and the estate now has a home cinema, wine cellar, outdoor pool, games room, library and stable.

More recently, the Oscar-winning actor/director has taken to producing a rare Majorcan wine on the property.The house and outlying buildings have 10,764 sq ft of floor space. Douglas and his first wife used to spend up to six months a year there. Describing it as his “spiritual home”, he would tend the vineyards and wander through olive and almond groves.  Tom Cruise, Nicole Kidman, Michelle Pfeiffer and Jack Nicholson are some of the celebrities who have joined the couple there for parties over the years and, traditionally, Douglas used to throw a party every summer for local personalities. But since he married Catherine Zeta-Jones, the couple have been seen less and less on the island together.

The property apparently holds less appeal to Douglas’s second wife, the Oscar-winning Welsh actress.
The main house dates from around the mid-19th century and was bought in 1878 by Archduke Ludwig Salvador, cousin of Emperor Franz Joseph of Austria.  It was one of a number of properties he acquired - Miramar and Son Marroig were others.

Sources in the real estate sector claim that the asking price is still too high considering its distance from Palma and its isolation during the winter as a permanent residence. But, these two features are what also make the estate special. But, since Douglas married Catherine Zeta-Jones, he has visited Majorca much less often than he used to while Diandra Luker continues to visit the island every summer.