Katy Perry to drop price of home

Los Angeles: Pop star Katy Perry is planning to reduce the asking price of her former marital home after failing to attract a buyer.

The 28-year-old `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, reported TMZ online. Perry 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 USD 8 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 Perry has now agreed to put the property on the open market in two weeks time and will reduce the price by approximately USD 500,000. The source indicated that she is likely to accept offers even if they are USD 1 million less than she originally wanted. PTI