Asking price for Kylie's island retreat dropped

Kylie Minogue has fallen victim to the credit crunch. The singer's Australian island property has been on the market since February and agents have now dropped its price to try and attract a buyer.

The French style farmhouse, Beauciel, originally had an asking price of AU$1.2m, but now offers of between AU$950,000 and AU$1,050,000 are being invited, reports Australia's Herald Sun.

Real estate agent Hendrik Boer told the paper that interest in the property on French Island , Western Port, Victoria had increased since the price drop.

Kylie bought the Australian property , which boasts sweeping bay views, with her family in 2005, but has decided to sell up as she is rarely there anymore.

Homesworldwide.co.uk reports that the singer has spent around AU$1m on renovating the property over the past three years. Approximately 1,000 trees have been planted in the grounds, which include an organic fruit and vegetable garden.

French Island's residents will miss Kylie and her family. Local landscape gardener Stephen May told the press: "It's a great shame they're going. They're terrific people, terrific to work with." Meanwhile, cafe owner Maurice Ralph added that they had helped out in the community; donating money to the fire brigade and providing employment for the islanders.

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