"Grey's Anatomy" Star Knocks Another $300K off Her Los Feliz Home

9/26/2011 9:00 AM PDT

"Grey's Anatomy" Star Kate Walsh -- Knocks Another $300K Off Her Home Price

Kate Walsh is hoping another hefty price reduction will entice someone to FINALLY buy her Los Feliz mansion ... this time she's knocked the price all the way down to $3.995 mil.

The "Grey's Anatomy" star just re-listed her 5,940 square foot Spanish-style property -- the second time in a year and a half.

Walsh bought the 4 bedroom, 4.5 bath home for $4.75 million back in 2007 -- and tried to sell it last year for $4.295 million ... with no luck. Now, she's trying again with a $300k discount.

The house has 3 fireplaces, a swimming pool, a guest house and a Pilates studio -- and Kate converted one of the bedrooms into a massive walk-in closet.