Sarah Michelle Gellar cuts LA home asking price to $9.95 million

Sarah Michelle Gellar and Freddie Prinze Jr. have reduced the asking price of their longtime Los Angeles family home by $550,000, just three months after putting the property on the market. PEOPLE first reported the price cut, while Realtor.com provided additional details on the sprawling Mandeville Canyon residence. The couple has now lowered the asking price to $9.95 million, down from the $10.5 million price tag attached to the property when it was listed in May. The reduction came on Aug. 24, according to property records cited by PEOPLE.