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Photos: Oscar Winner Cuts Price on Home

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Photos: Oscar Winner Cuts Price on Home Reese Witherspoon cut the price of her Spanish-style, 7-acre ranch in Ojai, Calif. to $7.25 million after listing it for $10 million in September, then $8.9 million in November. She bought the 9-bed home in 2008. It was designed in 1923 for Edward Libbey, the father of the glass industry and a historical icon in Ojai. Once owned by "Ghostbusters" actor Harold Ramis and designer Kathryn M. Ireland.

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