Katy Perry Selling $8 Million Mansion From Marriage, Looking to Lease Instead

Katy Perry is looking to sell the house she and former husband Russell Brand once shared in Hollywood Hills, Calif. Perry, 28, has been unable to sell the mansion since their divorce in February of 2012, and now she may have to lower her price in order to compete with a stagnant housing market.

Katy Perry's house, a large manor in the affluent Laurel Canyon, Calif. section populated by celebrities, was originally listed for an $8 million selling price. Real estate investors must be savvy though, as she hasn't been able to turn a profit- she and Briton Russell Brand originally purchased the home for only $6.5 million, according to HaueLiving.com.

Now, it seems Perry will sell the three-acre property for less. She is expected to list the manor at $7.5 million on MLS at the end of the month, according to celebrity entertainment website TMZ. They also implied that she may be willing to go lower on her price.

However, this wouldn't be the first time Perry lost when dealing with real estate. Right before marrying Brand, she also purchased a condominium in New York for $3 million. After finding no takers, she was forced to sell it for only $2.65 million.

Perry may have the right idea with her next real estate venture- leasing. The "Part of Me" singer was spied considering a 4-bedroom, 6,500-square-foot home near the Sunset Strip, according to HauteLiving.com. Instead of permanently buying, she wants to lease, though.

Currently, Perry is also considering another venture with her autobiography "Part of Me," titled like her song and documentary, according to reports. In it, the singer is said to talk about her life story and what really happened between her and Russell Brand, eventually resulting in the dissolution of their marriage after only 14 months.