A magnificent Malibu home originally owned by Cindy Crawford and Rande Gerber has gone into contract after a recent price cut to $89.75 million, according to documents.

In March, the sellers, Adam Weiss, a retired hedge fund manager, and Barret Swatek, an actress, put the three-acre property up for sale for the initial asking price of $99.5 million. The ultimate selling price could not be established.

After buying the property from Ms. Crawford and Mr. Gerber for $45 million in 2018, the new owners did a significant amount of work to improve it, the sellers told The Wall Street Journal at the time. These improvements included redoing the landscaping, trying to tear out a section of concrete to create a grassy meadow, and upgrading the decor of the building.

They decided to sell after investing $45 million in a mansion on the island of Maui in the Hawaiian archipelago, where they intended to make it their permanent home in the future.

The listing images for this four-bedroom, seven-thousand-and-four-hundred-fifty-square-foot Malibu home indicate that it has outside decks on two floors to make the most of its panoramic ocean views. According to the listing that was put up by Jade Mills of Coldwell Banker Realty, there is a private path that leads directly down to El Sol Beach. In addition, there is outdoor space that includes a tennis court as well as a pool, spa, pool deck, and a cabana with a fireplace at the back of the house. Unfortunately, Ms. Mills could not be reached for comment right away.

According to the advertisement for the property, the main floor has an open-plan great room and dining space that leads out onto the wraparound outside deck through sliding glass doors. The house is built to accommodate both indoor and outdoor living.

A major bedroom suite often includes a fireplace, two or more bathrooms, a walk-in closet, and a separate seating space. According to the promotional materials, in addition to the two additional bedrooms that have their own private bathrooms and showers, there is a fourth bedroom that has its own private entrance, kitchen, and bathroom.

M. Weiss, who is now 54 years old, was one of the co-founders of the New York-based hedge fund Scout Capital Management before the company went out of business in 2014. Ms. Swatek, who is now 45 years old, is an actress who has appeared on a number of television shows, including “American Housewife” and “Yellowstone.” They were not immediately accessible for comment, and the name of the buyer could not be established.