Britney Spears reportedly overpaid on an estate that was “just languishing on the market.”
The 30-year-old pop star sold her Beverly Hills mansion for $4.3 million.
The opulent property located in the exclusive gated The Summit community is a 9,000 square foot Tuscan villa with six bedrooms, six and a half bathrooms, an oversized gazebo and maids quarters.
Britney originally paid $6.8 million for the property and lost a ton of money in the deal.
“The house had been taken off the market last year after years of just languishing on the market,” a source told Radar Online. “It became apparent that the house was going to be a total financial loss for Britney as she bought the mansion at the height of the real estate market and simply overpaid.”
Britney’s father Jamie currently acts as the singer’s court-ordered conservator.
Jamie thought it best to sell the vacant home.
“Britney and her dad realised that they were going to have to drastically slash the price and just unload the house at a loss,” the source explained. “The house has nothing but bad memories for Britney, and she hasn't been in it since 2007, it has just been empty for all these years.”
Britney has been under the conservatorship of her father for four years following a very public mental breakdown.
Britney is currently engaged Jason Trawick and is reportedly in talks to become a host on American talent programme the X Factor for $15 million a season.