03/18/2013 02:00 pm ET Updated Mar 18, 2013

Ryan Phillippe Home Sold For A Loss At $6 Million (PHOTOS)

You have to hand it to Ryan Phillippe -- he knows when to fight and when to walk away.

The actor recently sold his Hollywood Hills home at a loss for $6 million, reports Redfin, after trying twice to at least break even on the property.

Phillippe bought the home for $7.17 million in May 2008, the same year his divorce from Reese Witherspoon was finalized. The luxurious gated property, located high above Sunset Boulevard, served as Philippe's bachelor pad and apparently played a major role in helping him get back into the dating scene after his split.

"You tend to accelerate the whole process of the relationship because you're forced to have your dates at home," he said in a 2011 interview. "You don't want to deal with people - not only paparazzi but people in restaurants with their camera phones."

Described as a "Zen modern retreat," Phillippe is saying goodbye to a five-bedroom, 6.5 bathroom home with a theater, swimming pool with underwater speakers, spa, sauna and outdoor kitchen. The listing also notes that the home is "perfect for celebrities and others who value a property which can 'stoperrazzi.' "

The actor is best-known for his roles in the films "Cruel Intentions" (1999), "Crash" (2004) and "Flags Of Our Fathers" (2006). More recently, he starred in "Straight A's," a small independent film, and appeared in the TV series "Damages" for 10 episodes in 2012. He has two children from his seven-year marriage with Witherspoon, and is reportedly the father of Kailani Merizalde Phillippe Knapp, who was born in 2011 to Phillippe's ex-girlfriend Alexis Knapp.

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Ryan Phillippe's Home Sold