Supermodel Elle Macpherson has been forced to cut more than $3 million of her Notting Hill home's asking price after failing to interest buyers for more than a year.

The Australian catwalk beauty listed the property last summer for around $9.5 million. However, the price was dropped to 8.95 million pounds or $14.6 million in January on the advice of agents Bective Leslie Marsh.

Macpherson, 45, has hired new agent and lowered the price again for 7.5 million pounds or $12.3 million, a 21 percent reduction on the seven-story Grade II-listed home's original cost.

She bought the 1850s Victorian house in 2006 and spent thousands of dollars restoring the property's original features and redesigning the interior. It boasts of six bedrooms, five bathrooms, and a 36ft-long kitchen.

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