Rihanna has saved $3 million on her new mansion.

The 21-year-old pop singer reportedly negotiated the deal on the luxurious eight-bedroom home in Beverly Hills after convincing real estate agents to drop their price due to the troubled housing market.

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, Rihanna was able to snatch a bargain and bought the property for $6.9 million -shaving nearly 30 percent off the asking price.

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

“The sale is a symbol of the drop,” says a Beverley Hills real estate agent. ”Everybody was looking at this property to see what would happen.”