Gene Wilder’s Bel Air residence simply had its value slashed by $3.5M, now sitting at a still-eye-watering $9.5M … with a requirement that the longer term purchaser should protect the property’s legacy.

The itemizing agent, Drew Meyers of Westside Property Company, tells TMZ the earlier proprietor — Elon Musk — tacked on a restrictive covenant to the sale to protect the historic nature of the property … which means the home that was initially listed in August for just below $13M cannot be torn down.

Drew provides … “A home of this significance ought to by no means be torn down. It needs to be restored and introduced again to life whereas sustaining its lovely soul. We wish to be certain it’s offered to somebody who appreciates its timelessness.”

Preserving the 4-bedroom, 5-bathroom residence’s timeless vibe has been the purpose for years — and it’s one thing Elon pushed for when he offered it to Gene’s nephew Jordan Walker-Pearlman in 2020 for $7M. Musk purchased it in 2013 for $6.75 million, earlier than promoting it to Jordan.

Elon lent Jordan and his spouse $6.7 million to buy the house, however the residence went into default sale after they reportedly fell behind on mortgage funds.

Gene initially purchased the place again in 1976 for round $300K, residing there for many years earlier than promoting it in 2007 for $2.75M.