Cher is once again looking to unload her massive Malibu mansion … putting the estate she’s called home for decades back on the market, at a reduced price.

Real estate sources tell TMZ … the pop icon’s oceanfront property is now going for $75 million, which is a sizable reduction from the original $85 million price tag.

Remember, Cher listed the home back in October, but it never sold and was taken off the market … and on Friday afternoon it was relisted.

The Italy-inspired home is a true beauty … with just about all the bells and whistles you can imagine, including a home gym, infinity pool, home theater and tennis courts.

The home rests on 1.7 acres and overlooks the Pacific Ocean … and the grounds are dotted with 40 palm trees, plus a fountain and a courtyard.

The main residence features 7 bedrooms, most notably the primary suite, which is decked out with two closets and a meditation room.

And, get this … apparently, there’s a climate-controlled wig room storing up to 100 hairpieces … where else are you going to find one of those?!?

Cher originally bought the place way back in 1989, plunking down $2.95 million.

Drew Fenton and Robert Kass of Hilton & Hyland hold the listing.