Kylie Minogue has reportedly been forced to slash the asking price for her Australian holiday home because of the global financial crisis.

The property, located near Melbourne, was valued between £800,000 and £924,000 when it was put on the market last February.

However, according to the Mirror newspaper, Minogue is now asking just £439,000 for the house.

The singer is reported to have spent £466,000 alone on the renovating property, which is located on French Island Western Port Bay.

The Island is apparently home to 100 habitants who live without gas, electricity and running water.

(by Jason Gregory)