Madoff Apartment Price Slashed by $1 Million

The list price on Bernie Madoff's apartment has been cut to $8.9 million dollars from $9.9 million dollars, CNBC has learned.

The apartment, on Manhattan's Upper East Side, was seized by US Marshals, and proceeds of the sale will go to Madoff victims.

The listing agent, Sotheby's, could not confirm the price cut, but the new price was listed on the company's Web site. Another source involved with the transaction did confirm the price cut.

• Slideshow: Madoff Property Auction