  We confirm our earlier tentative detection of M31* in X-rays and measure its
light-curve and spectrum. Observations in 2004-2005 find M31* rather quiescent
in the X-ray and radio. However, X-ray observations in 2006-2007 and radio
observations in 2002 show M31* to be highly variable at times. A separate
variable X-ray source is found near P1, the brighter of the two optical nuclei.
The apparent angular Bondi radius of M31* is the largest of any black hole, and
large enough to be well resolved with Chandra. The diffuse emission within this
Bondi radius is found to have an X-ray temperature ~0.3 keV and density 0.1
cm-3, indistinguishable from the hot gas in the surrounding regions of the
bulge given the statistics allowed by the current observations. The X-ray
source at the location of M31* is consistent with a point source and a power
law spectrum with energy slope 0.9+/-0.2. Our identification of this X-ray
source with M31* is based solely on positional coincidence.
