Mel Gibson slashes the rate of his Greenwich property to $29.75million in a bid to find a buyer

It seems that it is not just us common folks who are the only ones struggling to deal with the harsh effects of the credit crunch. One of the highest paid stars in Hollywood- Mel Gibson too is experiencing the bitter effects of the global meltdown. The celebrity who owns various properties worth millions is struggling to sell his property in Greenwich, Connecticut due to the sudden meltdown. The Star, who had put the property up for sale in the summer of 2007 for $39.5 million, has now slashed the rate down to $29.75million. This lavish property goes by the name Old Mill Farm and spreads over 16,000 sq ft and was designed and built by architect Charles Lewis Bowman in 1926. And just like its owner prospective buyers can expect a starry home for sure. The mansion boasts of 15 bedrooms and 17 bathrooms, a tennis court, a private pond, a landscaped circular driveway and a soaring cathedral ceiling. The lush grounds designed by landscape designer James Doyle include formal gardens as well as a maze. There is also a terrace pool, greenhouse, stable, staff houses and log cabin on the property. An exquisite property, had it not been for the recession, Mel would have definitely profited a lot more by the sale of this property.

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However, Mel’s loss is somebody else’s gain and buyers who can afford the new slashed price should definitely make a bee line for this lavish property.