Peninsula Hotel co-developer Bo Zarnegin has been trying to unload his 10.5-acre Beverly Hills compound for years now, and he's just relisted it--for the low low price of $34.5 million. If that sounds a mite high, consider the bargain it represents from the 2010 ask of $54.95 million (!). All that cash gets you an understated 1939 Monterey Colonial (with six bedrooms and a dining room) designed by White House decorator Michael S. Smith, plus separate guesthouse and staff house, stables, pool, walking trails, and a huge hunk of land zoned as an equestrian estate. Zarnegin tells the Wall Street Journal that he bought the property in 2005 for $8.825 million because it reminded him of Switzerland. He's selling because he wants to spend more time in Europe, which presumably explains the pricechop. It does not, however, explain, the second priceupping he's just executed on his A. Quincy Jones house on Rexford, which has been on and off the market since 2009.