Ronnie Wood is selling his house.

The 62-year-old Rolling Stones rocker is selling the property in London's upmarket Chelsea area at a reduced rate, reportedly to cover the cost of his divorce settlement to ex-wife Jo Wood.

Despite having paid £7.25 million for the home just two years ago, Ronnie has put the house on the market for £5.8 million to ensure a quick sale.

Estate agents Strutt + Parker said: "We have had offers, but not close enough to the asking price."

The five-bedroom house, built over 300 years ago, is on the same street as fellow Rolling Stones Sir Mick Jagger and Keith Richards.

Ronnie split with Jo - whom he was married to for 24 years - following an affair with Russian cocktail waitress Katia Ivanova, who he went on to have a 15-month relationship with.

Despite trying to raise cash by selling the home, Ronnie showed no sign of any financial woes at the weekend when he went shopping with rumoured new girlfriend - 30-year-old Brazilian architecture student Ana Araujo.

The pair enjoyed a four-hour spree around upmarket boutiques in London's Sloane Square, with the rocker footing the bill for all their purchases.