Rihanna saved $3 million on her new mansion.

She reportedly negotiated the enormous discount on the luxurious eight-bedroom home in Beverly Hills after convincing real estate agents to drop their price.

The hillside house features 10,000 sq ft of floor space, 10 bathrooms, a recording studio, pool, gym, spa, library and a home cinema and was initially listed at $9.95 million.

However, as house prices have dropped in recent months due to the current global economic downturn, the 21-year-old beauty was able to grab a bargain and she finally bought the property for $6.9 million – a saving of 30 per cent.

But the discounted purchase has left local residents – including Hollywood stars Jennifer Aniston, Courteney Cox, Milla Jovovich and Tom Cruise – worried the value of their properties could drastically drop.

A Beverly Hills real estate agent said: 'This sale is a symbol of the drop. Everybody was looking at this property to see what would happen.'

Film producer Aaron Spelling's widow Candy Spelling has been struggling to sell her enormous 56,500 sq ft home in the area.

She first listed it in March for $150 million and it remains unsold.

Rihanna first started house-hunting in the Hollywood Hills in February.

The 'Take a Bow' singer spent several days looking at homes in the exclusive district and at one stage viewed singer Christina Aguilera's former mansion.