What if we knock off £3m from the house price?

The 14-bedroom mansion and 500-acre estate in East Lothian remains unsold despite estate agents reporting a steady stream of interest.

That may have something to do with the asking price for the Yester Estate, in Gifford – which despite the massive reduction is still in the region of 12m.

Anna Thomas, assistant director of Savills, the property's selling agent, said they were receiving a "few enquiries" a week but added: "It is still available and we are open to offers."

The A-listed Yester House was built between 1699 and 1728, to the design of James Smith and Alexander McGill.

It was later modified by both William and Robert Adam and in the 1970s it, and its grounds, were bought by the Italian-American composer Gian Carlo Menotti.

The estate includes the remains of Yester Castle, thought to date from the 13th century. When the property – which is currently owned by Francis Menotti – went up for sale two years ago, its original asking price was up to 15m, but this was changed in 2009 to "offers in the region" of 12m.

Savills, on Wemyss Place, is selling the property alongside Knight Frank, based at Edinburgh Quay, with a "price on application" status, but Ms Thomas said the most recent 12m guide price still remains.

Advertised as one of the "great houses of Scotland", she said: "It is a very private property with great architectural significance."

But property experts have revealed they would "not be surprised" if the multi-million-pound estate is still on the market in six months' time.

Estate agent Leslie Deans, based on St Patrick Street, said: "There is clear evidence that the top end of the market across the country is not functioning as it was.

"While I wish the owners all the best, and admit this property must be very special to be priced as it is, the reality is there are not many people in the marketplace who can pay 12m."

Mr Dean said that although the Capital's property market had picked up "considerably" in the past six weeks, improvements were only being seen in the 250,000 to 400,000 area – not at the first-time buyer or top end.

He cited the demise of the Capital's banking industry as the main reason for the top end of the market being slow, with fewer workers able to afford the most expensive properties once associated with their salaries.

He said: "I also think there is only a tiny number of people based elsewhere looking at the top of the market in Scotland – and this is the very top.

"Again, I wish the owners all the best, but I would not be surprised if this property is not sold in six months' time."

UP FOR GRABS AT THE YESTER ESTATE

A 500-acre A-listed 17th-century mansion, including:

A ballroom

14 bedrooms (six en suite)

A self-contained staff flat

An expansive basement, including gun, billiard and laundry rooms

A library

Around 500 acres of land, including:

Two gate lodges (each with two bedrooms)

A stable block with courtyard

Parkland and woodlands

A well-established pheasant shoot

A walled garden with gardener's cottage, potting sheds and glass houses