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Reese Witherspoon Slashes Price on Ojai Ranch!

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Even a property that's been linked to the likes of Reese Witherspoon and Robert Pattinson can't seem to sell in today's real estate market.

The actress recently dropped the price of her gorgeous Ojai ranch ... for the THIRD time! The Spanish-style home sits on seven acres of land and first hit the market back in October 15, 2012 for $10 million dollars. Just a few weeks later, on November 5, the asking price dropped to $8.9 million.

Just when you thought the price couldn't go any lower, it was just reduced to $7.25 million.

Sure, that's still a ton of money. But, consider the fact that the 4-bedroom, 3-bathroom home also includes three guest cottages, a carriage house, a barn and stables, it's now a bargain. "It reminds me of growing up in Tennessee, where we spent all day outside," Reese once told Elle Decor.

She's not the only celebrity connection to the house. Robert Pattinson (who starred opposite Witherspoon in "Water for Elephants") reportedly hid out on the ranch after learning Kristen Stewart cheated on him!

Who wouldn't want to own the very own property that the Southern Belle got married on AND has ties to the very famous, very hot RPatz! It's a shame that most Twi-hards aren't old or rich enough to own property yet!

Click on the "Launch Gallery" above to see pictures of the ranch, and check out the listing over at Redfin!

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