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Update (6/4/10): Diane Keaton has lowered the price on her home to $10,950,000.

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Original post: Not only does actress Diane Keaton (“Something’s Gotta Give,” “Annie Hall,” “The Godfather”) have a weakness for hats, but she also has a weakness for old California homes. As a trustee of the National Trust for Historic Preservation, she loves to rescue structures and turn them into works of art. Here’s one piece of Keaton real estate that will make you swoon: Her Spanish Colonial Revival at 820 North Roxbury Dr. Beverly Hills, CA, is up for sale for $12,995,000, according to CasaSugar.

The home has an interesting pedigree. It was designed in the 1920s by architect Ralph Flewelling, who was the designer of the “Electric Fountain” at the intersection of Wilshire and Santa Monica boulevards in Los Angeles. According to Architectural Digest, Keaton nearly bought this home in the early 2000’s, but got cold feet when she saw the enormity of the work the house needed. When the house came on the market a second time a few years later, Keaton jumped at the chance and collaborated with New York City interior designer Stephen Shadley to put Keaton’s signature touches on it.

Diane loves big spaces. No ceiling can be too high, and no space can be too big for her.

– Designer Stephen Shadley

Take a look at the slideshow of the Keaton home on Architectural Digest. The home is being listed by Aileen Comora of Westside Estate Agency.

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