Poundland founder Steve Smith has slashed £750,000 off the asking price of his sprawling country home in a bid to sell the 15,000 sq ft luxury property . Mr Smith 's house , located in Bridgnorth , Shrophshire , is a seven-bedroom mansion featuring five grand reception rooms , a dance floor , bar and swimming pool . The home has been for sale on and off since 2011 with an initial asking price of £6.5million , but in its online sale listing he has now cut it down to £5.75m . Poundland founder Steve Smith pictured outside his Shropshire home , for which he is asking for £5.75million . The property boasts seven bedrooms , five grand reception rooms , a dancefloor , bar and swimming pool . It also features a lavish pool room with a full size heated pool and hot tub . Pictured is one of the mansion 's living rooms , adorned with expensive rugs . He bought the property a decade ago for £2.2million , but recently said with only one child left at home , he and his wife Tracey hope to downsize . Only 16-year-old Joe still lives at home , while Katie , 26 , lives with her husband and two children in a converted barn on the 28-acre estate . He said : 'The house is very special to us and it will be a real wrench for us to leave . We began refurbishing the home in 2000 and finally finished it in 2007 . 'It was a real labour of love and no expense was spared . I especially love our home pub with a fully stocked bar . It ’ s really unique and we ’ ve had some great parties there . ' When he bought Hammer Hill House in 2004 , Mr Smith set about doubling the property in size , turning the quaint country house into a sprawling estate . The property listing boasts of the space afforded by the 28-acre estate Country Life magazine once mooted as a possible base for the Duke and Duchess of Cambridge . Mr Smith added : 'We 've had the place for 11 - 12 years and I suppose I like projects , I get itchy feet and want to build something else . ' I 'm looking for a site where I can create my own house and build the kids ' houses . So I 'm looking for a plot of land where I can build four houses and keep the family together . 'We 've reduced the price because at that level the stamp duty is pretty high , so at that price I 've more or less knocked the stamp duty off it . ' Advertised on his own website estatesdirect.com , the listing reads : 'The house is approached through magnificent wrought iron electric gates opening to a sweeping tree lined driveway to the turning circle to the front of the house and into the walled coach yard to one side . 'The gardens and grounds are beautifully landscaped and maintained with sweeping lawns , glasshouses , stocked borders and hidden pathways through wooded vistas . 'The house has extensive grazing land with four paddocks partially surrounded by mature woodland . ' Mr Smith founded the cut-price discount store Poundland in 1990 before selling it a decade later for £50million . The property listing boasts the 'sweeping walnut staircase ' ( pictured ) leads to a 'galleried landing ' Mr Smith bought the property a decade ago for £2.2million but with only one of his children left at home , wants to move on . Earlier this week the budget chain made headlines when the Advertising Standards Authority ruled that it must drop its claim that everything costs £1 because it sells CDs and DVDs for £2 . It was a major blow for the company which has built an empire on the boast that just £1 can buy anything in its stores . The decision even calls into question whether the budget chain can legitimately continue to call itself ‘ Poundland ’ . Before the advertising watchdog ’ s ruling , Poundland 's website boasted : ‘ Everything for £1 was the idea of our founders in 1990 and we ’ re still true to that vision today. ’ Under a heading ‘ Our Values ’ , it added : ‘ We ’ ve grown to be the largest single price value retailer in the UK ... We are very proud to offer you a single £1 price , that hasn ’ t changed since we opened our first store. ’ However , people complained to the ASA that these claims were no longer accurate because it was stocking DVDs of blockbuster films in a concession partnership with another firm for £2 each . Poundland defended the breaking of its normal £1 price barrier saying the £2 items were part of a special promotion run at the tills and sold to customers providing they met a minimum spending threshold . What 's your drink ? The bar area , complete with what appears to be a mask of Prince Charles . Fine dining : The kitchen area divides into several parts , including a separate eating area that sits eight . Arts and entertainment : The bar area comes complete with giant TV , musical instruments and plenty of food and drink , not to mention a fetching chandelier .
Poundland founder Steve Smith cuts £750,000 off price of rural mansion . He founded the discount chain in 1990 and sold it for £50m a decade later . The seven-bedroom home features a swimming pool , bar and dance floor . He has cut his online asking price of £6.5million down to £5.75million .