The £1.5 million asking price for Buttermere's Fish Inn has been slashed by £150,000.

The 10-bedroom hotel, bar and restaurant – which enjoys spectacular views over Buttermere, a lake that has previously been voted amongst the UK’s top 10 views – is now on the market for £1,350,000, said agents Christie & Co.

Christie & Co director, Alistair Greenhalgh, who is handling the sale, said: “The reduced asking price makes this a once in a lifetime opportunity even more attractive to potential purchasers.

“Though the business currently trades strongly from both the existing letting bedrooms and the food and beverage trade, an incoming operator will have the opportunity to develop this further as there are currently five staff bedrooms and two owner’s flats which could be converted into additional letting accommodation if required.

“We expect the business’ revised pricing to be well received by the market.”

Jean and John Richardson have owned the inn since 1968 and have put it up for sale so they can retire.

The inn is part of a local legend, The Maid of Buttermere, Mary Robinson.

Mary was the famously beautiful daughter of the landlord of The Fish Inn in the 18th century, who was married to a local man illegally posing as nobleman Colonel Hope.

The marriage was widely reported, resulting in his fraud being exposed and the false colonel was tried and hanged, leaving Mary heartbroken until she was happily remarried to a local farmer.

The inn is also a short walk from Buttermere and Crummock Water, at the foot of Honister Pass and has some of Alfred Wainwright’s most famous walks on its doorstep, making it a popular venue for tourists.