Britney Spears Takes a Hit on Beverly Hills Mansion

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Britney Spears Re-lists Beverly Hills Mansion for $5.5 millionThe lyrics "hit me, baby, one more time" are ringing true for singer Britney Spears these days as her Beverly Hills mansion takes a million-plus hit in the housing market. On Monday, Spears re-listed her five-bedroom Italian-style villa for $5.5 million, a $2.4 million drop from its one-time high listing price of $7.9 million, reveals TMZ.com.

But Spears' 7,453-square-foot Beverly Hills home - perhaps most famous for the scene in which the singer was carried out on a stretcher - has its own storied past on the chopping block. Located in the celebrity-laden gated community named The Summit, Spears bought the property for $6.8 million in 2007. According to multiple reports, a month after the purchase, Spears put it back on the market for a price tag of $7.5 million.

So, what's with all the "oops, I did it again" price changes?

Spears originally jacked up the price of the estate as high as $7.9 million and even pulled it off the market in 2009 for over a year. Now, the real estate game has caught up with the mega-celebrity. The $5.5 million listing marks a new low for the mansion, approximately a 30 percent dip from its top asking price.

Spears' appears to be yet another to join the cast of celebrities who have been forced to cut their home prices in the past few months like fellow pop star Christina Aguilera and New York Yankee Alex Rodriguez.

Though nothing exactly explains the erratic, fluctuating pricing of Spears' property, neither celebrities nor the prestigious 90210 zip code have been immune to the housing woes of the past few years. Even in Beverly Hills, where the median home is roughly $2 million, home values have fallen 12 percent in the last year, according to Zillow.com.

Despite the looming potential of losing $1.3 million on the place, plus taxes and real estate fees, Spears is moving on-- literally. She reportedly just spent $700,000 to renovate her new Calabasas, Calif. home.

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