Comedian David Spade has been forced to rent out his luxury Malibu, California mansion after failing to offload the house on the struggling property market.

The actor put the four bedroom, three bathroom beach house up for sale last year with a price tag of $16 million - almost $7 million more than he paid for it in 2005.

But the pricey pad, which is located near homes owned by Leonardo DiCaprio and Charlize Theron, hasn't attracted the attention Spade had hoped for - and after refusing to lower the sale price, he has decided to rent it as a temporary solution.

A source tells the National Enquirer, "After a year on the market, David finally realized the house just wasn't going to sell - so now he's resorted to renting the place for $65,000 a month."

See more photos of David Spade here!

Image © Chris Hatcher / PR Photos

(This news article provided by World Entertainment News Network)

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