Located in Old Saybrook, Connecticut http://www.oldsaybrookct.org/Pages/index on the borough of Fenwick, Oscar-winning actress Katharine Hepburn's seaside home is now back on the market at a reduced price.

Originally put on the market for $30 million, the new owners, Frank and Barbara Sciame Jr., removed the property after receiving no matching offers in two years. The Sciames have divided the 3.5 acre estate into three lots and are now selling the lot that has the 8,500 square foot home, once described as "paradise" by Hepburn for $14.8 million.

The Sciames have done extensive renovations on Hepburns home since they purchased it in 2004, one year after the actress's death, including raising the home 5 1/2 feet to ward against flooding.

The original Hepburn house was much smaller and was completely destroyed during the Hurricane of 1938. Since the age of 5, Hepburn and her family spent summers in Fenwick, located only 45 miles from where she was born in Hartford, Connecticut. Four-time Oscar winner Hepburn, continued to spend her weekends in Fenwick only to live there permanently upon her retirement and remained there until her death at the age of 96.

The Sciames have nearly completed the construction of a 3,000 square foot beach house on the east lot of the main house. They plan to keep this house and additionally, are looking to build on the third lot.

The house went up on the market in the middle of May of 2014 according to Colette Harron, a real estate agent at William Pitt Sotheby's International Realty in Essex.

"I've already had some calls from Los Angeles," said listing agent, Harron.