The couple purchased the gated estate in Holmby Hills in August for $18 million through a private trust, according to property records. They ripped the Caspar Ehmcke-designed home down to the studs in preparation for major renovations, but changed their minds about the project since Ms. Prinsloo is pregnant with the couple’s second baby, said listing agent Kurt Rappaport of Westside Estate Agency.

With a second little girl on the way, the pop star decided he “doesn’t have the time for a renovation,” Mr. Rappaport said.

They’re marketing the 1960s French Regency-style home as an opportunity to remodel and redevelop a very “prestigious location in the city,” according to the listing.

The “Sugar” singer and judge on “The Voice” had envisioned the home as a place for his growing family. Ms. Prinsloo gave birth to their first child, Dusty Rose, last year.

The house sits on a 1.2-acre lot overlooking the Los Angeles Country Club and the Century City skyline. Outside, the estate has a large pool deck and patio, cabana and two-story guest house.

A day after listing the Holmby Hills estate, however, Mr. Levine put another property on the market—this one a modern, five-bedroom Beverly Hills mansion on 3.6 acres of land—for $15.9 million. He bought the property in 2012 under the same trust for $4.83 million, property records show.

The house has a dramatic great room with a soaring vaulted-ceiling, screening room, separate gym and spa and a two-story car collector’s garage. The home has undergone a complete rebuilt, in which Mr. Levine even carved out his own speakeasy card room, according to the listing, also with Mr. Rappaport.

A publicist for Mr. Levine did not immediately return a request for comment.