Reese Witherspoon is having some housing problems.
The actress has been trying to sell her rural California estate for months now, and this week she just slashed the listing price for the third time.
The home in Ojai was originally put on the market back in October for $10 million, but after failing to get any interest Reese Witherspoon lowered the price to $8.9 million. Now she’s cut the price again, changing the listing to $7.25 million.
The ranch-style estate is located in a town north of Los Angeles. The house has special meaning to Reese, as it was the setting for her wedding to husband Jim Toth last year, though they’ve since moved to Tennessee.
The Ojai estate also has a special place in Hollywood history, as it served as Shangri-La in the 1937 drama fantasy film Lost Horizon. The home also once belonging to actor and director Harold Ramis.
It seems that Reese Witherspoon isn’t the only celebrity stung by a tough housing market. Singer R. Kelly was just forced to sell his mansion as part of a foreclosure process, taking a big loss. Though the Chicago mansion was once listed at $5 million, the home ultimately sold for a hair under $1 million.
Reese Witherspoon’s home would seem to be a catch for anyone who can afford it. The home is set on seven acres and has four bedrooms and three bathrooms. There is also a library and three guest cottages.
It is described in a real estate listing as being “a character-laden ranch features century-old hardware, fireplaces, arches, turrets, original stonework, plank floors Spanish tiles.”
Though the mansion has been having a hard time on the market, Witherspoon couldn’t speak any more highly of it.
“It is meditative and restorative,” Reese Witherspoon said. “As soon as I drive through the gate, I relax. The air is fresh, the phone isn’t ringing, you can’t access e-mail.”
The actress added that the house reminded her of being back down south.
“Time slows down. Within an hour I’m lying on that couch taking a big fat nap,” Reese Witherspoon added. “It’s like having a little bit of Tennessee in California.”