Last year Paramount chief Brad Grey made a totally brazen attempt to sell Frank Sinatra's former Holmby Hills house for $20 million after tearing down the actual house, which totally failed, and now he's had a real change of heart about the whole thing. According to the Wall Street Journal, Grey's decided to build a "modern" house designed by architect Howard Backen on the 2.3-acre Sinatra property. So now he's trying to sell his Bel Air house, and it's just hit the market. The house was designed by Richard Manion and built in 2006 for some Harrison Gray Otis descendants; aside from some silly rooms ("gentlemen's den and bar," gym with separate pilates studio), the five-bedroom, seven-bathroom house built in 2006 is fairly tasteful and restrained. The thing that's not at all restrained about the property? It's listed for--hold on to your hats and glasses, folks--$27.5 million. Grey picked it up in 2009 for $22 million, but the listing agent assures that Grey "dramatically improved the home," with better landscaping, a living room that converts into a screening room and other "decor touches." Unless the landscaping involved money trees, those must be a hell of a lot of decor touches.