Reese Witherspoon Ojai House: Star Cuts Price of Home to $7.25 million

Image: Reese Witherspoon Ojai House: Star Cuts Price of Home to $7.25 million

Thursday, 21 Mar 2013 08:44 AM

By Alexandra Ward

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Actress Reese Witherspoon just can't seem to sell her Ojai, Calif., house, and now the listing price has been slashed for a second time, cut to $7.25 million.

Witherspoon originally listed the ranch-style property back in October with a $10 million price tag, and when it wouldn’t sell, she cut it again less than a month later to $8.9 million. Now, it's been reduced again to $7.25 million.

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The house, known as Libbey Ranch, is steeped in history and celebrity. Built in 1923, the seven-acre ranch was formerly owned by actor and director Harold Ramis ("Ghostbusters") and then by celebrity designer Kathryn M. Ireland. It also served as Shangri-La in the 1937 drama fantasy film "Lost Horizon."

The house has nine bedrooms and seven bathrooms, and features century-old hardware, arches, turrets, Spanish tiles, and a stone fireplace.

The house is also a special memory for Witherspoon — her wedding to Jim Toth took place there last March.

She opened up the doors for Elle Decor magazine in July, and dished on what she loves most about the house.

"It reminds me of growing up in Tennessee, where we spent all day outside," she told the magazine. "I wanted my children to have that experience, to get muddy and hang out with the animals."

Witherspoon said the Ojai house is a nice retreat from the bustling atmosphere of Los Angeles, just a few miles north.

"It's meditative and restorative," she told Elle Decor. "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. Time slows down. Within an hour I'm lying on that couch taking a big fat nap. It's like having a little bit of Tennessee in California."

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Related links:

Home in Silicon Valley Sells for US Record $117.5M, Perhaps to Softbank CEO

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Foreclosure Rates Soar for Million-Dollar Homes, CNNMoney Reports

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