From: www.nypost.com

Ms. Fabulosity, Kimora Lee Simmons, has reduced the price of her 35,000-square-foot home in Saddle River, NJ, to $16.5 million.

The 10-bedroom, 11-bathroom spread on 4 acres was listed for $23 million last year before it was taken off the market. It later returned at $19.8 million before the latest reduction, says broker Stephanie Rosken of Prominent Properties Sotheby’s International Realty.

The Baby Phat fashion designer, ex-reality TV star and former wife of music mogul Russell Simmons recently shipped most of the furniture in the New Jersey home to a new manse in Beverly Hills. We hear that if she sells in Saddle River, she plans to buy a Manhattan residence. She is the mother of three children, including her new son, Kenzo Lee, fathered by actor/model Djimon Hounsou.

The Saddle River house is on a gated estate that includes four koi ponds with waterfalls. It boasts a movie theater, a gym (with a steam room), indoor and outdoor pools and a pool house. There’s also a 2,000-square-foot master suite (bigger than many apartments) and three kitchens — one for the staff, one for everyday use and one for catered events.

“Iron Chef America” judge Karine Bakhoum, known as the “Iron Palate,” has put her three-bedroom, two-bathroom co-op on East 69th Street on the market for $2.35 million.