Richard Gere has cut the price of the sprawling New York property he shared with his estranged wife Carey Lowell for the second time in four months.

The Pretty Woman star initially put his Strongheart estate in North Haven, the Hamptons on the market for $65 million (£40.6 million) last summer (13), and dropped the price by $9 million (£5.6 million) in April (14) after struggling to offload the property.

Now Gere has slashed the price yet again by another $8.5 million (£5 million), and the pad is now listed for $47.5 million (£28.2 million), according to the New York Daily News.

Gere and Lowell bought the three pockets of land that became their estate between 2005 and 2008 for a total of $11.3 million (£7 million) and then paid a fortune renovating the 1902 main house and guest quarters, according to RealEstalker.com.

The waterfront compound boasts 12 bedrooms and bathrooms, a gym, basketball courts, an outdoor fireplace pavilion and a heated pool.

It is the second Hamptons home Gere and Lowell have had to accept a lower sale price on - in 2009, they sold their farmhouse in Water Mill for $5.9 million (£3.7 million), almost $3 million (£1.8 million) less than the initial market figure.