Jessica Simpson has slashed the selling price of her Beverly Hills mansion by $700,000.

The 32-year-old fashion mogul, who has a daughter Maxwell, 15 months, and son, Ace Knute, nine weeks, with her fiance Eric Johnson, originally put her old bachelor pad on the market in May for $7.995 million but has now dropped the price to $7.295 million.

The blonde beauty purchased the property for $5.272 million following her divorce from Nick Lachey eight years ago.

According to real estate website, the 5,500 square-foot house boasts a giant master bedroom with its own outdoor deck, swimming pool, gym, library, sprawling gardens and a gourmet kitchen.

Built in 1991, it also has five bedrooms, five bathrooms and a private stone courtyard, which leads on to a koi pond.

The property has had a string of Hollywood owners after Ellen DeGeneres bought it in 2001 and sold it to Hollywood manager Rick Yorn in 2003.

The former 'Fashion Star' mentor bought Ozzy and Sharon Osbourne's former Hidden Hills house in California in March but is planning massive renovations before they move in.