Price of Madoff's Palm Beach home cut again

A cyclist passes by a home belonging to Bernard Madoff after it was seized by U.S. Marshals in Palm Beach, Florida, April 1, 2009.

NEW YORK (Reuters) - The asking price for imprisoned Ponzi schemer Bernard Madoff's former home in Palm Beach, Florida, has been reduced again.

The 8,750 square-foot (813 square-meter) home is being offered by Corcoran Group for $7.25 million, according to the broker's website.

The new price is 8 percent below the previous asking price of $7.9 million, and 15 percent below the original $8.49 million asking price.

Corcoran has listed the home for close to five months.

It describes the five-bedroom, seven-bath home, which has a pool and water views, as "a return to classic Florida island living" of the 1950s and 1960s "when Palm Beach was a less manicured tropical paradise."

Madoff had estimated the home was worth $11 million.

Federal marshals are overseeing the sale of Madoff's assets, with proceeds going toward reimbursing victims of his estimated $65 billion Ponzi scheme.

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

(Reporting by Jonathan Stempel; Editing by Steve Orlofsky)