The asking price for Bernard Madoff's former home in Palm Beach, Fla., has been cut to $7.25 million, 8 percent below the previous asking price of $7.9 million. That is also 15 percent down from the original $8.49 million asking price.

Corcoran Group listed the property. Federal marshals are overseeing the sale of Madoff's assets, with proceeds going to reimburse victims of his estimated $65 billion Ponzi scheme.

Madoff is serving a 150-year sentence in a North Carolina federal prison.