Rob Lowe lowers the price of his Montecito mansion to $42.5 million

Rob Lowe is sweetening the deal in Montecito. With no takers at $47 million, the actor has trimmed the price of his 10,000-square-foot mansion down to $42.5 million.

The coastal community has long been a haven for celebrities looking to spread out, with stars such as Ellen DeGeneres and Jeff Bridges all calling the area home over the years. Lowe’s property is no different, spanning 3.4 acres of manicured grounds at the foothills of the Santa Ynez Mountains.

A host of extras complement the main residence, including a two-bedroom guesthouse, 800-square-foot cabana, swimming pool, koi pond, gazebo and tennis court.

The East Coast-inspired home wears a crisp white exterior with plantation shutters and a column-lined entry. Inside, the vibe continues as coffered ceilings, custom millwork, handmade moldings, bay windows and hardwood floors adorn the designer-done living spaces.

In addition to six bedrooms and 11 bathrooms, there are formal and informal living rooms, a dining room with paneled walls, two kitchens, a wet bar, a wine room, a library, a billiards room and a movie theater.

Multiple sets of French doors expand to a veranda with a fireplace, lounge and TV. Above that, a second-story deck takes in sweeping views of the rolling lawns and ocean.

Eric Haskell of the Agency and Luke Ebbin of Compass hold the listing.

Lowe, 55, who is married to Sheryl Berkoff, has scores of television and film credits including “St. Elmo’s Fire,” “Brothers & Sisters,” and “The West Wing,” for which he received Golden Globe and Primetime Emmy Award nominations. More recently, he starred in the medical drama “Code Black” and the comedy-drama series “Wild Bill.”

It’s not the only Montecito home Lowe has owned. Earlier this year, a charming English country-style spot he had in the 1990s hit the market for $4.395 million.