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.