Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

A historic Los Angeles home once owned by actor Gene Wilder and later by Elon Musk is heading to foreclosure auction.

According to Mansion Global, the property, originally listed for $12.95 million in August, has been significantly reduced to $9.5 million.

Wilder, who died in 2016, was best known for his portrayal of Willy Wonka in "Willy Wonka & the Chocolate Factory."

Don't Miss:

• This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.

• Unlock the hidden potential of commercial real estate — This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!

Built in 1951 by renowned architect Robert Byrd, the white shingle house is a piece of Hollywood history. The current owners, who purchased the home from Musk with a loan, have fallen behind on payments, leading to foreclosure proceedings.

The property will be auctioned unless a buyer is found before next month.

Musk purchased the 2,756-square-foot residence for $6.75 million in 2013. In 2020, he announced on Twitter (now X) his intention to sell "almost all physical possessions" and "own no house." He stipulated that this Bel-Air home should not be demolished or altered in a way that would diminish its character.

See Also: Over the last five years, the price of gold has increased by approximately 83% — Investors like Bill O’Reilly and Rudy Giuliani are using this platform to create customized gold IRAs to help shield their savings from inflation and economic turbulence. 

Following through on his pledge, Musk later sold the house to filmmaker Jordan Walker-Pearlman (Wilder's nephew) and his wife, Elizabeth Hunter, for $7 million.

Musk loaned the couple $6.7 million through a limited liability company (LLC) to facilitate the purchase, but Walker-Pearlman has since fallen behind on payments. In July, a notice of default was issued, followed by a notice of trustee's sale earlier this month. The home is scheduled for public auction on Dec. 3, where it will be sold to the highest bidder.

Walker-Pearlman and Hunter are cooperating with Musk and told The Wall Street Journal they are "at peace" with the foreclosure process.

Trending: Arrived Home's Private Credit Fund’s has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. 

Like Musk's 2020 tweet, the current listing stipulates that the property cannot be demolished. Drew Meyers of Westside Estate Agency told Mansion Global that a restrictive covenant is part of the package to preserve the property's historic nature.