The California estate where scenes of the movie “Scarface” were filmed is getting a 49% price cut to $17.9 million. The roughly 10-acre Montecito property went on the market a year ago for $35 million, according to Emily Kellenberger of Village Properties, an exclusive affiliate of Christie’s International Real Estate, who is listing the house with Riskin Partners. The owner, Russian-born financier Sergey Grishin, is now “ready to sell,” Ms. Kellenberger said. With the new price, “we feel it’s competitive and compelling for a buyer to step forward,” she said. The house is nearly 10,000 square feet, according to Ms. Kellenberger, with four bedrooms, nine bathrooms and a roof deck that has views of the mountains, the Pacific Ocean and the Channel Islands. Named “El Fureidis,” the home was completed in 1906 but was recently restored and renovated, she said. It incorporates both Roman and Middle Eastern influences, such as a Byzantine-style “conversation room” with an 18-foot-high domed ceiling. The grounds include Persian-style gardens and fountains. In the rear—where the wedding scene in “Scarface” was filmed—there are multiple patio levels and reflecting pools. A series of staircases lead to cascading pools and other water features. Mr. Grishin bought the home in 2008 for around $20 million, according to sources with knowledge of the purchase. Ms. Kellenberger said he is selling because the home isn’t his primary residence and he isn’t using it as much as he would like. Mr. Grishin declined to comment through a representative. While $20 million-plus sales are now common in some large cities, there have been only a few in the past several years in Montecito, which is about 90 miles outside Los Angeles, Ms. Kellenberger said. “A lot of the metropolitan centers are doing well in the high end market,” she said. “We’re not quite as urban.” While the low end of the market seems to have bounced back from the real-estate downturn, Montecito properties above $10 million “never really recovered,” she said. Moreover, the area has seen some international buyers over the past few years “but not to the degree that L.A. is seeing,” she said.