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Cash Crunch: Olivia Newton-John Swaps $5.6M Waterfront Mansion For ‘Social Housing’ Condo!

//olivia newton john downsizes

Dec. 6 2014, Updated 7:33 a.m. ET

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Olivia Newton-John is turning her back on the love nest she was once “Hopelessly Devoted” to and moving into a two-bedroom condo for “low income folks.”

According to The National ENQUIRER the Grease actress is downsizing from the waterfront home she bought for $4.1 million five years ago.

Olivia, 66, splashed out on the ritzy house shortly after marrying husband John Easterling.

But it has turned into a money-pit that they can’t seem to sell even though they invested $2 million into it.

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Now the actress has reportedly paid $550,000 for a two-bedroom Florida apartment that one insider described as “social housing for low-income folks.”

To read why Rosie O’Donnell allegedly refused to buy Olivia’s waterfront mansion, pick up the latest copy of the ENQUIRER.

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