Terrell Owens -- Another Day, Another Loss ... in Real Estate

Desperate times call for desperate measures, especially for unemployed NFL star Terrell Owens -- who just unloaded his massive Georgia crib for waaaaaaaaaay under the asking price.

TMZ broke the story ... the wide receiver has been dropping real-estate left and right (thanks to his dwindling finances) and has already sold off condos in Dallas, Miami and Georgia.

The latest victim in his real-estate purge is a 7,694-square-foot pad outside of Atlanta, which he bought way back in 2000 (i.e. when he had a job with the San Francisco 49ers).

T.O. first listed the house in 2010 for $1.5 million, but didn't actually sell it until now ... when he was willing to let the place go for a measly $694,000 ... a.k.a LESS than half what he wanted.

It's a great deal (for the buyer) who gets 6 bedrooms, 8 baths, a home theater, basketball court, gym, rec room, decks, and a huuuuuge resort style swimming pool.