A Los Angeles estate once owned by the late eccentric billionaire Howard Hughes is coming on the market for $23 million.

The 1920s Spanish Colonial is located on the eighth hole of the Wilshire Country Club golf course in the Hancock Park neighborhood, according to marketing materials. Hughes lived there for more than a decade during the heyday of his career as a movie mogul and aviation pioneer who owned the now-defunct Trans World Airlines. The home was depicted in Martin Scorsese’s 2004 film “The Aviator,” about Hughes’ years in Hollywood.

The property is currently owned by Ash Shah, a former movie producer turned restaurateur, and his wife, Niroupa Shah, who bought the house for $6.3 million in 2012, according to property records. Ash Shah said they spent about a year and a half renovating the house and updating it to modern standards.

Set on nearly three-quarters of an acre, the house is about 10,200 square feet with eight bedrooms, including an apartment above the three-car garage, according to the listing. It has a motor court, a swimming pool and an outdoor kitchen with a pizza oven. An interior courtyard is paved with California river stones.

Hancock Park is synonymous with old Hollywood stars, and the neighborhood is filled with historic Tudors and Spanish Colonials, said listing agent David Berg of Compass, who is marketing the property with colleague F. Ron Smith. Designed by the architect Roland A. Coate, the house was originally built for the widow of a prominent businessman. In the late 1920s, as Hughes’ reputation grew in Hollywood, he decided he wanted to move into a “suitable house,” according to the book “Hughes: The Private Diaries, Memos and Letters.” His criteria included an entrance that could accommodate multiple cars, stone floors in the kitchen and windows throughout the house that opened but had permanent screens to keep out bugs, the book said.

He rented the Hancock Park house for $1,000 a month before buying it for $135,000 in 1929, according to the book “Howard Hughes: His Life and Madness.” He lived there until the 1940s, when he moved out and claimed to be a resident of Texas to avoid paying California income taxes, the book said.

Over the years, the actress Katharine Hepburn lived with Hughes in the Hancock Park home; he also had several phone lines installed in the home for his various love interests, according to “Hughes.” He died in 1976.

The Shahs bought the house from Robert Bookman, a motion picture literary agent, records show. They bought the house because they were expecting their fourth child and needed more space, Ash Shah said, but he was taken with the history of the home. “It was intriguing to me for sure,” he said. “I used to be in the movie business, and back in the day I used to fly TWA.”

When they bought the house, only one room in the house had air conditioning, Ash Shah said, and the layout was “chopped up” into smaller rooms. “When it was built, there was a clear delineation of, ‘This is where the family lived and this is where the staff lived,’” he said. “We spent some time bringing it into one cohesive home.”

The Shahs built a family room off the kitchen, added the outdoor kitchen and pizza oven, replaced the pool and finished the lower level. They also built up the outdoor spaces, including a courtyard where they added sofas and a fireplace. Where they could, the Shahs kept original details such as the hardwood flooring and tile work, and they rebuilt the front door based on the original building plans, Ash Shah said. Hughes’s basement vault is still there, repurposed as a 2,500-bottle wine cellar by the prior owner. The Shahs kept the original vault door, which is set off to the side. The wooden gates to the property have the original hydraulic system created by Hughes Tool Co. engineers. Ash Shah said the hydraulics no longer function, however, and the door has to be opened manually.

The Shahs covered wood paneling in the library with black lacquer paint and turned it into a media room, and added gold ceramic tiles and a brass countertop in the kitchen. “Anybody who knows me knows I will put gold on anything,” said Niroupa Shah.

The Shahs said they are selling because they are moving to the East Coast to be near their children’s boarding school.

Overall, L.A.’s luxury market has slowed thanks to limited inventory, rising interest rights and the introduction of a new mansion tax. For the three months ended June 30, luxury home sales dropped 36.17% year-over-year, according to Redfin.

Berg said although transaction volume is down, demand is still strong, which has kept prices steady. “It’s not like 2021,” he said, “but certainly we feel the market for the right product—where they’re priced appropriately—is healthy. It’s a normalized market.”