Britney Reduces Kevin Federlines Divorce Settlement

Britney Spears reportedly is willing to split half the proceeds from their Malibu mansion, which was on the market for $13.5 million. But now it appears that K-Fed's divorce settlement may be reduced. It is being reported that Brit is so eager to sell her Malibu estate that she has reduced the asking price by more than one million dollars, according to TMZ. The singer is looking to unload the 9,200-square foot Serra Retreat home she shared with K-Fed.

According to the report, it was originally put on the market for $13.5 million. Now it has dropped to $11.999 mil. The 9,000-sq.-ft home features a dance/workout room, recording studio, pool, spa and tennis court. The 'Toxic' singer purchased the 9,000-sq.-ft home in October 2004, shortly after marrying Federline, for $6.9 million dollars.

According to reports, the president of Westside Real Estate Agency, Kurt Rappaport, believes that Spears' house, which is in the exclusive gated Serra Retreat area where such stars as Mel Gibson live, may have priced itself out of the market for the moment.

"The pricing was aggressive. It's an expensive piece of property and sophisticated buyers are looking for the best price," an entertainment magazine quoted Rappaport as saying.

Source: National Ledger