English record producer and pioneering trance DJ Paul Oakenfold, a three-time Grammy nominee who’s remixed songs for Madonna, Moby and Massive Attack, has listed one of his three houses in Los Angeles’ Hollywood Hills with an asking price of $3.5 million. (The asking price has since been drastically reduced to just under $3 million.) Currently skittering across Europe on a worldwide tour, Oakenfold snatched up the early-1950s post-and-beam-built residence just about three years ago for a snippet under $2.7 million.

Designed by Alfred Hitchcock’s Oscar-winning production designer Robert Boyle, and snugly sequestered behind a street-level two-car garage, the just over 2,800-square-foot residence nestles into a steep hillside almost directly above the Hollywood Bowl at the tail end of a cul-de-sac in the celeb-favored Outpost Estates neighborhood. The four-bedroom and four-bathroom abode is also available as a rental, with a rate pushing up on $10,000 per month.

Dark hardwood floors ground the...