The Corcoran Group Inc. agent Suzanne Frisbie said the golfing star dropped the price for his barrier island home to $47.5 million from its initial 2007 listing price of $65 million, the Palm Beach (Fla.) Post said Wednesday.

Frisbie did not offer a reason for the dramatic price cut, merely saying the 8-acre property dubbed "Tranquility" was open to all "qualified buyers."

"The home is open for qualified buyers and we encourage them to preview the property," she said. "It's one of the finest properties on the island."

The agent also told the Post that despite the economic problems in the United States and abroad, there has been significant interest in Norman's island retreat.

"Given the market conditions, interest in the property has been good," she told the newspaper.