01/26/2012 07:30 pm ET Updated Mar 27, 2012

Penelope Cruz Home In Hollywood Hills Sold For $2.88 Million (PHOTOS)

Even celebrities get hit hard by the recession -- especially when it comes to real estate. In December, Academy Award-winning actress Penelope Cruz finally sold her 3,334 square foot mansion overlooking the Sunset Strip for $2.88 million after more than a year on the market. Public records show that her final price is $807,000 less than she originally sought and $250,000 less than she bought it for.

Cruz put the three-bedroom, four-bathroom Hollywood Hills home on sale in May 2010 for $3.695 million and, nearly a year later, in April 2011, reduced the price to $3.15 million. Cruz and and husband Javier Bardem may be looking to accelerate their move in light of their first child, Leo Encinas Bardem, who was born that month.

As Zillow reports, the celebrity pad features carved-wood doors that open to a private courtyard, fountain and front entrance; french doors, bamboo floors and enormous floor-to-ceiling windows; a gourmet kitchen with stainless-steel appliances and granite counter-tops; and a large patio, in-ground heated pool and luxurious tented cabana.

Feeling all of sudden like your house needs to go on "Extreme Makeover: Home Edition"? Here's some consolation: property taxes alone on this estate for 2010 were a whopping $42,877!

Catch Cruz in two films coming out this year: Woody Allen's "Nero Fiddled" and Sergio Castellitto's "Venuto al Mondo."

Take a virtual tour through the house Cruz used to call home. What do you think of it?:

Photos via