The home was listed for $14 million last August, but the price was recently reduced to $12.5 million.

The 10,180-square-foot estate sits on a 1.7-acre lot at the end of a private cul-de-sac, just steps from the prized Canyon Road art gallery and restaurants.

It is a classic early 19th century Spanish Pueblo adobe farmhouse. For many famous artists, it was also their home and source of inspiration.

In some circles, the property is known as the De la Pena House. Although the exact year of construction is unknown, it dates back to at least 1845, when Spanish army officer Francisco De la Pena purchased part of the estate. The De la Pena family lived there until 1925, when the home was sold to the artist Frank Applegate.

Applegate and his family came to Santa Fe during the annual festival and fell in love with the vibrant culture and southwestern landscape. After settling in Santa Fe, he established and joined several local artist groups. Applegate's watercolours, oils and ceramics remain in the permanent collection of the Santa Fe Museum of Fine Arts.

During Applegate's ten-year stay in Santa Fe, Ansel Adams began photographing the artist with his family. De La Pena Applegate's home, which in 1937 was listed by the Library of Congress as one of only eight buildings of national significance in New Mexico, also became a favourite destination and subject for the famed photographer.

The property includes a five-bedroom, seven-bathroom main house, as well as a guest house and two-car garage. There is also a courtyard and a red clay tennis court.

In 2022, the home underwent an extensive renovation and was named by the city's Historical Commission as the most outstanding restoration of a historic building.

A number of museum-quality antiques in the residence are also available for purchase.