Pamela Anderson has allegedly reduced the asking price of her Malibu home by $2.75 million.
The former 'Baywatch' babe put her ''magical spot'' on the market in February for $7.75 million after a year of renting out the five-bedroom property, which she spent years renovating to turn it into an eco-friendly ''masterpiece'', but it now has a price tag of $5 million, according to gossip website RadarOnline.com.