Price cut for Wells Fargo party home

This is the four bedroom, fourth bath property in the Malibu Colony that was foreclosed because the owners lost a bunch of money to Bernie Madoff. Wells Fargo took it over - or more precisely, a Wells Fargo executive named Cheronda Guyton, who used it to throw some loud parties that got the neighbors in a tizzy. When the LAT reported what was going on, Guyton got canned. The house was then put on the market for $21.5 million (that's rich even in these climes), and after a year it still sits - except that the price has been reduced to $18 million. (curbed.com, Redfin)