Mel Gibson Slashes Price on Greenwich Estate by $4.5 Million

is feeling the effects of the real estate downturn in Greenwich, Connecticut.

Gibson, who has had his Greenwich estate, Old Mill Farm, on the market for over a year, recently dropped the price from $39.5 million to $35 million.

Designed by architect Charles Lewis Bowman and built in 1926, Old Mill Farm is one of Greenwich's treasures. Resting at the end of a private, formal drive, the 15,800 square foot Elizabethan-inspired Tudor mansion sits on 77 acres of land which includes formal gardens, a maze, pool tennis court, greenhouse, stable staff houses, log cabin and a pond.

The home has 15 bedrooms, 18 bathrooms, 6 fireplaces, a home theatre, library, fitness room and five garage bays. The great hall has a 40-foot cathedral ceiling with a stone minstrel's gallery, walk-in fireplace and leaded glass ceilings.

View photos of Mel Gibson's Old Mill Farm below.

