Ryan Phillippe has slashed the price of his Hollywood home.

The actor purchased the property for $7.1 million in 2008 following his split from ex-wife Reese Witherspoon but put it back on the market two years later for $7.45 million.

However, after failing to get a buyer, he has now reduced the price of the five-bedroom home to $6.995 million.

As well as five bedrooms, the 7,500 square-foot property - which is situated in the Hollywood Hills - also has seven bathrooms including a master suite with two baths and a gym.

According to property website Zillow.com, the stunning house also boasts guest quarters, a cinema, a sauna, outdoor kitchen, fire pit, a swimming pool and stunning gardens with a fantastic view.

A state-of-the-art, two-storey gym, a media room and an art studio also feature in the property.

Ryan and Reese split in 2006 and have two children together, Ava, 12, and eight-year-old Deacon.

Reese is now expecting her first child with new husband Jim Toth while Ryan has an 11-month-old daughter Kailani with ex-girlfriend Alexis Knapp.