HOT PROPERTIES Kelsey Grammer to flip his real estate

LOS ANGELES -- Meet Kelsey the flipper.

Kelsey Grammer, who lives in Malibu's Serra Retreat, has listed an English Country-style estate in L.A.'s Holmby Hills section for $19.9 million. Grammer and his wife, Camille, have owned the home for about a year and are hoping to flip it for a profit. The purchase price was $13.7 million last summer, according to public records.

Real estate, like comedy, is all about timing, and hopefully, this listing won't bomb with today's market. Several local agents say that, in this price range, prices are holding steady and inventory is slim. The house, all 10,567 square feet of it, certainly sits on desirable turf -- nearly an acre. It has seven bedrooms, nine baths and seven fireplaces--including the one in the gym. I personally don't need more heat in my gym, but I'd much rather be treadmilling to a relaxing fire than to Dr. Phil, wouldn't you?

There are beamed ceilings, Palladian-style French doors, his-and-her baths in the master suite and a media room with built-in bookshelves and a built-in bar.

The home sits behind high hedges, and there is covered parking for four cars. A vine-wrapped covered terrace overlooks the swimming pool.

Grammer, 53, a five-time Emmy winner, has owned his Malibu house since 1998, when he bought it for $4.5 million.