Minogue: latest victim of credit crunch

Australia's sweetheart Kylie Minogue has fallen foul of the credit crunch and is unable to shift her Aussie island property, which has been on the market since February...

Fancy owning a piece of Kylie's past? Now you can - her French style farmhouse ‘Beauciel,' (French for ‘beautiful sky) is currently on the market for between £436,000 and £500,000.

Kylie ploughed some of her hard earned cash into the farmhouse (pictured above) on French Island in Western Port, Victoria, back in 2005 and spent almost £500,000 renovating and redecorating the property.

The house, which boasts panoramic bay views, also comes complete with an organic fruit and vegetable garden, which Kylie planted herself. The interior is French in style, said to be a nod to the heritage of Kylie's on off love, actor Oliver Martinez.

The 100 hectares of prime real estate on the secluded island has been transformed into a luxury getaway and the Minogues made several environmentally friendly innovations, including installing solar and wind power.

The property also has other famous residents - it is home to rare species of birds and a large koala population.

Kylie decided to sell the property in February as she rarely visited, although it is near her home town of Melbourne.

So, onto the market it went and agents were expecting to be inundated with offers from Kylie fans. But, with a price tag of £551,000, the house refused to shift.

Agents have now dropped the price down to try and attract a buyer. Offers between £436,000 and £500,000 are now being invited.

Real estate agent Hendrik Boer from estate agents Hocking Stuart, told Australian paper the ‘Herald Sun' that interest in the property on had ‘increased since the price drop.'

The decision to sell came as a surprise to the island's 80 permanent residents.

They said the Kylie and her family had been good for the local community, and would be missed.

If refuge is what you seek, this property could be the perfect buy for you - French Island has no town water, electricity or gas, nor does it have any road access.

Two passenger ferries, from Cowes and Stony Point, service the island a couple of times each day.

Picture by Daily Mail