Britney Spears reduced the asking price n her 1.53-acre Serra Retreat Malibu Estate from $13.5 million to $11.999 million on March 28 but still has no buyers.
Spears bought the property that includes a 9,000-sq. ft. home with seven bedrooms, a dance/workout room and a recording studio for $6.9 million in October 2004, shortly after marrying Kevin Federline. The property additionally includes a garden, pool with spa, tennis court and gym.

The listing appears on the Coldwell Banker website, but does not mention Spears.It has been reported that Britney will pay half the proceeds from the sale of the house to estranged husband Kevin Federline as per their pre nuptial and recent divorce settlement. Sources tell TMZ that the $1.5 million dollar price reduction is aimed hastening the sale because Britney Spears and Kevin Federline are desperate to end their financial ties.

However, Kurt Rappaport, president of Westside Real Estate Agency told People the initial pricing had put the property out of the market. "The pricing was aggressive," says Rappaport. "It's an expensive piece of property and sophisticated buyers are looking for the best price."