John and Emily bought the Ojai, CA home for $2.15 million back in 2012 ... then put it on the market last year with realtor Patty Waltcher for $4.25 mil. They didn't get any takers, so they slashed the price, and slashed ... and slashed some more before finally accepting an offer for around $2.75 mil.
The 5 bed, 5 bath home's now in escrow. It features 4,177 sq ft of hardwood floors, 4 fireplaces, a pool and gorgeous mountain views. It's the second SoCal property the couple's dumped this year.
Kendall Jenner snagged their hip WeHo home in June.