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Reese Witherspoon's Ojai Ranch Chopped Down to $7.25MM

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Reese Witherspoon is having no luck shifting the Ojai ranch she put on the market in October for $10 million. After price chop number two, the seven-acre property with a four-bedroom main house, plus three guest cottages, pool, barn, stables, carriage house, and organic gardens, is now asking $7.25 million. All that comes with a not-unimpressive pedigree: the carriage house was designed by Wallace Neff when the property served as the stables for glassware magnate and Ojai "founding father" Edward Libbey and played Shangri-La in Frank Capra's film Lost Horizon. Today's price chop of $1.65 million follows a $1.1 million cut back in November. Don't people know house prices are going up, not down!?
· 915 Del Norte Road [Redfin]