We report optical, soft X-ray, and UV observations of the peculiar Sey
fert galaxy IC 3599 using data obtained with ROSAT and IUE. Most remar
kably, we discovered a rapid decrease of the X-ray flux by a factor of
about 100 within one year and a more gradual decrease thereafter. The
X-ray spectrum of IC3599 was soft at flux maximum and became even sof
ter as the flux decreased. Simultaneously with the late decrease of th
e X-ray flux, we observed a decrease in the strength of highly ionized
optical iron lines. We discuss several explanations for this behaviou
r including an accretion disk instability and tidal disruption of a st
ar orbiting a central massive black hole.