Time to downsize? The Dude abides.

Actor Jeff Bridges, known to fans of a certain age as Jeff “the Dude” Lebowski, is selling his family’s 19.5-acre estate in Montecito, Calif., for $29.5 million, according to his wife, Susan Bridges.

Mrs. Bridges says the property includes a more than 9,500-square-foot, five-bedroom, five-bathroom Tuscan-inspired...