The "good old day's" were sure a long time ago.

The owner of circus entrepreneur James Bailey's 1880s mansion in New York has reduced his asking price for the home to $6.5 million. It was listed at $10 million. The drop in price was 35% in less than half a year.

The free-standing home in Harlem is turreted and whimsical, measures 12,000 square feet, and has its original stained-glass windows and mahogany paneling.

Bailey was a half of the Barnum & Bailey Circus, which Ringling Bros. bought in 1907. Marguerite Blake, a formal funeral home director, has owned the home since 1951.

The home could be turned into a bed-and-breakfast, a school or a hospital facility, but it requires "a significant amount of work," according to Lori Huler Glick, who shares the listing with Cindy Kurtin, both of Stribling.

Harlem is one of the hardest-hit markets in Manhattan. Corcoran Group recently closed its office there.

Courtesy of Casey Cainan