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 \sim 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 \pm 0.2 .
Our identification of this X-ray source with M31* is based solely on positional coincidence .