Johnny Carson’s former Malibu beach house just got a whopping $16.3 million price cut, listing records show.

The 1980s architectural home, built from triangular forms on a bluff overlooking the Pacific Ocean, is still one of the most expensive homes for sale in the posh Los Angeles suburb. It’s now asking $65.2 million, a 20% discount from the $81.5 million the owners were asking when it hit the market in October.

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The sellers are Sidney Kimmel—the founder of Jones Apparel Group and a movie producer whose credits include “The Kite Runner” —and his wife, Caroline.

They were ambivalent about parting with the home when it first listed in October, but they’ve since moved full time to Beverly Hills and now are pricing the Malibu home to sell, said listing agent Linda May of Hilton & Hyland. She’s co-listing the home with Chris Cortazzo of Coldwell Banker.

The significant price cut comes within the same week as Mr. Kimmel’s latest project, romantic comedy “Crazy Rich Asians,” which will hit theaters on Wednesday.

“He’s spending a lot more time in town with his film company,” Ms. May said.

Carson, an American television icon who hosted “The Tonight Show” on NBC, owned the house during his three-decade tenure on the talk show, property records show. He bought the home in 1984, shortly after it was built, and lived there until his death in 2005 at the age of 79, records show.

Carson’s family went on to sell the home to the Kimmels for nearly $46 million in 2007, The Wall Street Journal reported when the home hit the market last fall.

The main mansion, designed by Ed Niles, an architect known for his quirky architectural homes in Southern California, spans more than 7,000 square feet with four bedrooms.

He designed the home as two intersecting triangles, a theme that repeats inside. He built the wooden ceiling into triangular forms, leaving space between the beams to let light through into the expansive living spaces.

Wooden skylights paired with floor-to-ceiling windows provide enough light to sustain whole living gardens inside the home’s walls. The indoor plants include full trees in the living room and landscaped foliage surrounding a spiral staircase to the second floor.

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Like the bow to a ship, a glass-lined living room comes to point overlooking the ocean beyond, images of the home show.

The secluded property abuts a steep cliff overlooking the water and is shaded by a canopy of trees. It also benefits from spanning two oceanside lots, one of which provides an acre-sized buffer between the main house and the northside neighbor.

There’s also a separate guest house and a tennis court with its own two-bedroom pavillion that also includes a kitchen, gym and locker room.

Mr. Kimmel could not immediately be reached for comment.