Chandeliers, custom-crown moldings and a three-car garage could not spare this posh River Oaks mansion from the sting of Houston’s cooling housing market.

When 3920 Inverness Drive hit the market in June, the 11,248-square-foot mansion was listed for almost $18 million. On Wednesday, however, the Houston Business Journal reported that the six-bedroom home has slashed $5 million off its price tag.

The now-$12.99 million mansion sits on a 1.7-acre lot in River Oaks’ Tall Timbers subdivision— one of Houston’s most affluent neighborhoods. Just down the street, high-profile trial attorney Tony Buzbee — currently representing clients suing former Houston Texans quarterback Deshaun Watson for sexual misconduct — almost set a record when he listed his home for $27.5 million. But both River Oaks properties pale in comparison to another property in Houston’s Hunter’s Creek Village neighborhood that was listed for $60 million in May.

The listing is being handled by Nancy Almodovar, CEO of Houston-based Nan and Company Properties Christie’s International Real Estate. When Almodovar first listed the property, she told The Real Deal, “The Inverness property is not as high-profile as the properties on River Oaks Boulevard but some consider it more desirable because that part of the neighborhood offers more privacy.”

The 1.7-acre property has only had two other owners, one being influential Houston multifamily developer Jenard M. Gross, who once headed the National Apartment Association.

— Maddy Sperling