Singer Carol King has lowered the price of her home in Idaho and has placed her 128-acre central Idaho ranch back on the market with a reduced asking price of $16 million.  Right before the US real estate market  collapsed, King put the ranch up for sale in 2006 for $19 million.

More celebrity real estate feels the recession -- Mel Gibson has sold his sprawling estate in Connecticut. The Mad Max star unloaded the Greenwich property, known as Old Mill Farm, for $24 million, property records reveal.

He had originally put it on the market in 2007 for $39.5 million. “I think asking [almost] $40 million, before the market went into a downward motion like it is now, might have been an aggressive price,” said Joann Erb, an estate agent who once tried to sell the property before Gibson bought it.

“Still, I think $24 million, in this market, is a good price,” she told a US newspaper.

Gibson bought the 75-acre pad in 1994, paying $9.3 million for it. The Tudor-style mansion was designed by architect Charles Lewis Bowman and built in 1926 for his horse-loving client, G.L. Ohrstrom.

The almost-16,000 sq ft property boasts 15 bedrooms and 17 bathrooms, a tennis court, a private pond, a landscaped circular driveway and a soaring cathedral ceiling.