Britney Spears House of Discount

People Magazine is reporting that Britney Spears is having trouble finding a buyer for her marital home, and has dropped the price to a bargain $11.9 million.

Spears, 25, put the seven-bedroom, 1.53-acre estate on the market on Jan. 18 for $13.5 million. On March 28, the price dropped to $11.9 million, and it is still available at that price, real estate sources confirm to PEOPLE.

Spears bought the 9,000-sq.-ft home in October 2004, shortly after marrying Kevin Federline. The property, for which the singer reportedly paid $6.9 million, also includes a garden, pool with spa, tennis court and gym.

But the house, which is in the exclusive gated Serra Retreat area where such stars as Mel Gibson live, may have priced itself out of the market for the moment, according to Kurt Rappaport, president of Westside Real Estate Agency.

“The pricing was aggressive,” Rappaport tells PEOPLE. “It’s an expensive piece of property and sophisticated buyers are looking for the best price.”

In fact, says Rappaport, Spears’s celebrity could hurt her ability to sell the property. “Wealthy people don’t want tour buses stopping at their front door,” Rappaport said.

From People.

Sure, it might be that Britney’s house is overpriced, but it would be so much juicier if she was just cutting ex-husband Kevin Federline out of his divorce settlement? It does entitle him to 50% of the proceeds of sale. Britney is also rumoured to be giving Kevin $25,000 a month in child support and $250,000 for each year of their marriage, which would make a dent even in her comfortable financial situation.

Then again, even in Malibu, how many buyers are there for a house that costs that much? Perhaps we are all walking the streets, greeting closeted millionares. Although most people with that kind of wealth aren’t terribly shy about it…Maybe a lovely new house in the exclusive gated Serra Retreat area is just what they need?

Britney’s mansion picture from Access Hollywood.

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7 Responses to “Britney Spears House of Discount”

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  1. alex says:

    i found your words to be untrue and obnoxious. We who have money tend to keeps our mouths closed… it is the people that caim to have money who really have none (almost always the case, but a few exceptions.) and fyi, plenty of people in malibu can afford her home. perhaps it’s only worth 6.9m (what she PAID for it), thus the reason why they can’t unload it at 13.5 or 11.9m.

  2. celebitchy says:

    Alex, Helen is a new blogger here and she’s from New Zealand. Maybe the rich people there are more obvious than in the states or something, you’ll have to ask her.

  3. Carol says:

    I live in Arizona and our housing market is down right now. I’m not sure if that is on par with luxury homes in the state next to us, but it might be. It does seem like a bit of a leap that the house would double in value in what, 2 years? She’s probably just overpriced it.

  4. Other Karen says:

    The first time she put the house of the market, weren’t there reports that she made a lot of extra investments in the house, since she planned on raising a family there?

  5. Other Karen says:

    Americans are known for being exceptionally prudish about money, so maybe we have a higher proportion of “closeted” millionaires than most countries?

  6. Action says:

    I’m not sure if I’d call it prudish or just discreet. I don’t think keeping your net value private is such a bad thing. It’s nothing to be ashamed of, but it is the individual’s choice whether to flaunt it or not.

    I personally enjoy the company of people who have a good head on their shoulders and don’t let money get to their heads. Just because someone has money doesn’t mean they need to go spend it on big showy things. I hope that when a person has money (discreet or not) they use it towards good causes. Really, I think that’s what’s most important over how they talk about it.

  7. CW says:

    Part of the problem with Britney’s property may be that there are a select few people who can afford a property like that. Since the market is down, they may be holding onto their cash until things swing back.

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