03/18/2010 05:12 am ET Updated May 25, 2011

Madoff's Homes Get HUGE Price Cuts (PHOTOS)

We all know it's a bad time for real estate. But even the luxury homes formerly owned by jailed financier Bernard Madoff are having a tough time selling in this economy. Reuters reports that Madoff's homes in New York City and Florida have seen some significant price cuts. In fact, the price of his New York City apartment has fallen by $1 million:

Madoff's 4,000-square-foot duplex Manhattan penthouse, "perched atop a distinguished white-glove prewar cooperative" according to the broker Sotheby's International Realty, is now being offered for $8.9 million, ten percent below its initial $9.9 million asking price.

The price of the 8,750-square-foot home in Palm Beach was cut 7 percent to $7.9 million from $8.49 million, according to the broker Corcoran Group. Corcoran calls that home "a return to classic Florida island living" of the 1950s and 1960s "when Palm Beach was a less manicured tropical paradise."

The properties aren't the only Madoff items that have been on sale as of late. Earlier this week, hundreds of Madoff belongings were auctioned off, including a satin New York Mets jacket with the name "Madoff" stitched on the back and the family's boogie boards.

Federal authorities had better luck selling Madoff's Montauk beach home, which had an asking price of $8.75 million and sold for $9.4 million earlier this year.

When the homes originally hit the market, we compiled these photos (they also include Madoff's now-sold Montauk beach home).

Get HuffPost Business On Facebook and Twitter!