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Actor Jim Belushi is listing his Italian-style villa in Los Angeles for $38.5 million.

Last year Mr. Belushi said he asked real-estate agent David Offer of Berkshire Hathaway HomeServices in Brentwood to “whisper list” the property for $42 million. Mr. Offer said he tried to generate interest via word-of-mouth. The property is now officially listed with Hilton & Hyland’s Bjorn Farrugia and Drew Fenton.

The property is 1…