Ellen DeGeneres Slashes Price Of Santa Barbara Compound

Ellen DeGeneres' 17-acre Santa Barbara compound is definitely stunning, and definitely not priced to move ... until now.

Ellen took $5.5 million off the original $45 mil asking price this week. It's now listed for the low, low price of $39.5 million. Quite a deal for a home with 9 fireplaces, ocean views and 800 sq. ft. ... in the living room alone!

The 6-bedroom home's been on the market since March, but real estate tycoons like Ellen don't have to wait to buy new property. She scooped up a waterfront crib last month in nearby Carpinteria.