The Friary on the Severn, the palatial Annapolis home of members of the Phillips Seafood family, has dropped in price after a year on the market, according to the property’s listing agent.

The 26,000-square-foot home on 23 acres overlooking the Severn River is now listed for $28.8 million by TTR Sotheby's International Realty in Chevy Chase. When it was first put on the market in May 2012, it was priced at $32 million.

The home, which used to be a monastery, boasts seven bedrooms, eight bathrooms and 11 fireplaces, according to Sotheby’s. There’s also a nine-car garage, an indoor spa, a 60-foot infinity edge pool and a six-slip private dock with boat lift. Plus, there’s a catering kitchen, secret vault, tea house, roof garden and wine cellar.

Steve and Maxine Phillips bought the property about 12 years ago and “restored the house to its original splendor,” taking five years to do so, said Sotheby’s agent Maria-Victoria Checa. Though the Phillips’ still live in the home, they’ve decided they no longer need the space it offers, Checa said.

The original Georgian-style home was built in the 1920s and was added to by the Catholic Church in the middle of the 20th Century, Checa said. The dormitory and chapel wings that were built for the monastery’s use have been turned into a ballroom and living space, including guest rooms, Checa said.

The wood-paneled billiards and game room is just one of the home’s many distinctive features.

“The whole room, the walls and the ceiling, are hand carved,” Checa said. “Its just a unique property.”

Have a real estate news tip or experience to share? Email me at steve.kilar@baltsun.com.