Britney Spears has taken a big property hit after reducing the price on her Beverly Hills home in a desperate bid to sell it. The pop star put the property on the market in early 2008, and even increased the price to $7.9 million before the world economic crisis.
But the mansion is still on the market and now Spears has dropped the price to $4.85 million, according to website RealEstalker.com. The site reports Spears presently stands to lose $1.9 million on the property.
Britney Spears is not the only celebrity who has to slash the price of her mansion. Ronnie Wood previously was forced to drop the price of his 11.6 million-dollar home by $2.3 million, putting it on market for $9.3 million.
Aerosmith's drummer Joey Kramer additionally has made a massive 27 per cent loss on the recent sale of his home in Massachusetts. After 19 months on sale, the property has finally sold for $2.7 million - significantly less than the original $5 million asking price.