The property with its 11,000-square-foot main house and nearby guest house had served as a vacation spot for the couple, who finalized their divorce in 2006, the Los Angeles Times said Saturday.
The home, near Folsom Lake, has 10 bedrooms, a video-game arcade, an infinity pool and a tennis court.
During their 12 years of marriage, the 46-year-old "Norbit" star and 40-year-old model had five children together.
She reportedly also has placed a second home up for sale in Calabasas, Calif., for nearly $10 million.
The Times said the property sales come on the heels of Eddie Murphy's separation from producer Tracey Edmonds two weeks after their New Year's Day wedding.