UPDATE: Britney Spears

Looks like on the mental mend pop tart Britney Spears is finally getting serious about unloading her real estate white elephant up in the guard gated Summit community in the Hills Above Beverly.

At the risk of beating a real estate dead horse let’s go over Miss Spears’ history with the house. Records provided to Your Mama by Babbling Babette show that back in January of 2007, when poor Miss Spears was still wearing pink wigs, driving around aimlessly with questionable characters and acting all kinds of erratic, she impulsively dumped $7,150,000 (some reports, including some of Your Mama’s say $6,750,000) on an “Italian Renaissance inspired Villa” with 6 bedrooms and 6.5 bathrooms. Less than 1 month later, the ferociously fickle Brit flipped the Summit Circle property back on the market with an asking price of $7,495,000.

After nearly six months languishing with no serious takers, the property was removed from the open market until September of 2008 when it reappeared with a surprisingly higher and gutsy asking price of $7,900,000. After six months, the price had been whittled down to $7,195,000 and with no serious buyers the house was again taken off the open market.

Next came the news that Miss Spears, whose father Jamie holds Miss Spears’ purse strings through to a court ordered conservatorship granted due to her bizarre behaviors, packed up her short shorts and tube tops and headed west where she reportedly leased a newly built 10,300+ square foot faux French Provincial/Tuscan Farmhouse/Spanish Hacienda style manse in a double gated community in the scorching suburbs of Calabasas. Soon after moving in, Missy Spears went on tour.

As far as we know, Miss Spears is still on tour but her former digs, the scene of much of her crazy days, has come back on the market with a new real estate agent and a new and significantly lower asking price of $6,499,000. A few flicks of the beads on our bejeweled abacus reveals that Missy Spears (and her Big Daddy) are now looking at losing at least $650,000 on this residential folly…and that’s if some white knight comes along and pays full price for the Spears spread. But let’s be honest chickens, what’s the likelihood of that happening?

Your Mama has also heard, but can not confirm which means it’s just rumor and gossip, that Miss Spears’ people are out looking for suitable digs for her ex-huzband Kevin Federline who is the primary caretaker of their two children and has been leasing a house in a gated community in Tarzana, CA. Why Daddy Spears doesn’t just move the ex-Mister Spears into the house on Summit Circle until the real estate market stabilizes is a question we can not answer.

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