Katy Perry is planning to reduce the asking price of her former marital home after failing to attract a buyer
The 'Wide Awake' singer is preparing to list the Hollywood Hills property she shared with her now ex-husband Russell Brand on the market for significantly less than the purchase price.
According to gossip website TMZ.com the 28-year-old singer is the sole owner of the plush mansion and has been eager to quietly sell it for some time but has failed to attract a price close to the $US8 million ($AU7.7 million) she initially wanted for the place.
An insider revealed that the singer, who is now dating John Mayer, wanted to avoid putting the house on the multiple listing service because she didn't want people to be aware she was selling the property.
A real estate inside said Katy has now agreed to put the property on the open market in two weeks time and will reduce the price by approximately $US500,000 ($AU483,385).
The source indicated that she is likely to accept offers even if they are $1 million less than she originally wanted.
Russell agreed to give Katy their former home when they divorced in December 2011 after just 14 months of marriage.
The couple didn't sign a prenuptial agreement prior to their marriage in India, meaning the British comedian was legally entitled to half of Katy's $US44 million ($AU43 million) fortune.
However, the 'Get Him to the Greek' star claimed he didn't want anything from his estranged wife and was keen for their divorce to be as amicable as possible.