We now have the scoop and an update on Gallery Furniture owner Jim McIngvale’s mansion in Northgate Forest, and it’s a doozy. Yes, it’s still on the market. Yes, the price has been cut. But didja know the extent of the damage?

When last we left the Mattress Mack Pad, it was still soaring at $1.25 million. Well, now it’s down to . . . $885,000. Here’s the timeline:

• May 5, 2007: 3002 Pine Lake Trail goes on market for $1,750,000
• July 5, 2007: Price reduced to $1,499,000 — saving you 14%!
• September 4, 2007: Price reduced to $1,250,000 — saving you 17%!
• October 15, 2007: Price reduced to $975,000 — saving you 22%!
• November 13, 2007: Price reduced to $885,000 — saving you 9%!

Total savings overall: Almost 50% . . . if you buy now!

And here comes the Houston real estate cliche: You can take the mansion way out of the Loop, but you can’t take the “way out of the Loop” out of the mansion.

Or something like that.

• 3002 Pine Lake Trail [HAR]
• Mattress Mack Saves You Money [Swamplot]
• Mattress Mack Pad Available . . . Today! [Swamplot]