Britney Spears' daddy slashes price on her home

Trulia reports that "Although Britney Spears has regained her pop-star status, it's not helping the sale of her home. Her Italian Renaissance-inspired pad boasts artisan quality finishes and old world craftsmanship encompassing a wet bar and maid's quarters. After multiple re-listings, her daddy has reduced the price from $7.9M to $7.2M."

Ouch! You can view the listing sheet on Trulia as well and it's quite a home. Located in Beverly Hills, the home has six bedrooms and six baths and includes furniture and art.

According to Trulia, the home last sold for $2.65 million back in 2002, so Britney is still well ahead. Richard Dreyfuss on the other hand sold his home for $1.03 million after buying it for $1.25 million two years ago. And he spent $300,000 on upgrades!

The moral of the story for Britney Spears and daddy is this: If you're trying to sell a home in a declining market, price it right the first time. Britney has ended up chasing down the market -- reducing her price as the market goes lower and lower. That's not a good position to be in.