Nether Lypiatt, the country house of Prince and Princess Michael of Kent.

Nether Lypiatt, the 36-acre estate and country house of Prince and Princess Michael of Kent, has been reduced from £6m to £5.5m after nine months languishing unsold on the market.

The 1703 manor house, in Bisley, near Stroud, Gloucestershire, was bought by the Kent’s in 1981 for £300,000. It sports eight bedrooms, six bathrooms and has four staff flats.

Recent reports suggested that noise from the nearby Pony Club may have put prospective purchasers off. But one insider is alleged to have described the state of decoration as “dog-eared” and the decor as like a “giant boudoir”.

Property experts have suggested that a price of £4.5m is more realistic.