Desperate to sell, Reese Witherspoon, 36, just dropped the price on her Ojai ranch by a whopping $1.65 million! But it’s not the first time she’s taken a hit on the home. The actress, who is shooting the upcoming thriller “Mud” with Matthew McConaughey, first listed the estate on Oct. 15, 2012 for $10 million. She dropped the price just a few weeks later, to $8.9 million on Nov. 5, 2012. And now it has dropped again to $7.25 million.
The house, which is listed by Billy Rose at The Agency, is steeped in history. According to the listing, the home – known as Libbey Ranch – was originally designed in 1923 by Wallace Neff as stables for glassware magnate Edward Libbey, the “founding father” of Ojai, a bucolic village a short drive north of Los Angeles. It was once home to “Ghostbusters” actor and director Harold Ramis and celebrity designer Kathryn M. Ireland, and it has been featured in Vogue, House Beautiful and Elle Décor.
Witherspoon purchased the property on March 13, 2008, for $5.8 million. The seven acre ranch features century-old hardware, arches, turrets, original stonework, plank floors and Spanish tiles. The main house has four bedrooms and three baths, a soaring beamed-ceiling living room with a massive stone fireplace, a large country kitchen and a library. The property also has three guest cottages, a carriage house, organic garden, pool, horse stables, and acres of pasture. The landscaping was designed by star architect Jay Griffith.
In March 2011 Witherspoon and her new husband, Jim Toth, decided to tie the knot at the ranch. It was also rumored to be Robert Pattinson’s hideaway when he discovered his girlfriend of three years, Kristen Stewart, had cheated on him with married Snow White and the Huntsman director Rupert Sanders. Pattinson befriended Witherspoon while filming “Water for Elephants.”
What do you think of the ranch? Would you pay $7.25 million for it?