THE estate made famous by TV series Monarch of the Glen has been slashed in price by almost £2 million as its owners struggle to find a buyer.

Balavil Estate, Inverness-shire, was put on the market for £7m but is now up for grabs at offers over £5.25m after being on the market for more than a year.

The 7,000-acre estate, whose mansion was seen weekly by millions of TV viewers, is the second major Scottish estate to drop its price as landowners are hit by a dip in the market.

Killean Estate, Argyll, has also been reduced and is available for £5.5m after being cut from £7.5m.

An industry expert suggested land sales in Scotland are suffering from a referendum backlash as wealthy foreign investors remain worried by the prospect of Scottish independence.

Balavil, near Kingussie, is known as the "jewel in the crown" of Scottish sporting estates and caught the imagination of the public after featuring in Monarch of the Glen.

The estate, which featured in the show's seven series as Kilwillie Castle, offers the rare opportunity to stalk red deer, shoot grouse and go salmon fishing in the same place.

Balavil is owned by the Allan and Marjorie Macpherson-Fletcher and has been in the family since 1790.

In an interview in 2013, the Laird of Balavil said: ""We are getting long in the tooth.

"We have put our heart and soul into this place, and now it is time to cash in on that."

He added: "Seven million and a bit would be grand."

Meanwhile the price of Killean Estate in Argyll, complete with a mansion house, has been reduced by £2m.

It includes a row of arts and crafts properties, a holiday letting business, a hotel, a shop and even a petrol station.

The owners have decided to remove 1,500 acres from the sale for a renewable energy project while they wait for a buyer.

John Coleman, head of rural estates for Smiths Gore in Scotland, said there was "no question" the prospect of independence was still playing on the minds of foreign investors.

"For people already living in Scotland it is not such an issue," he said.

"For people living outwith and looking to invest within Scotland it is a question on their minds.

"It's going to come round again and we all expect that. The world expects that."

Robert McCulloch of Strutt and Parker, the agent selling the Monarch of the Glen estate, said: "The reduction reflects the market and the uncertain condition that prevails."

He said the referendum saw buyers and sellers "hold off" until the outcome was known.

The Scottish Government's land reform agenda may also be a factor, say experts.

Ministers want to broaden ownership of land in Scotland, much of which is currently held by a little over 400 people. Changes to inheritance laws and tax arrangements have been mooted.

Mr McCulloch said: "The Scottish Government's land reform agenda is causing uncertainty in the market."