The asking price for a beachfront Caribbean estate owned by President Trump has reportedly been slashed by more than $11 million in recent weeks.

The Washington Post reported Tuesday that the asking price for Trump’s luxury mansion on the island of St. Martin has dropped from $28 million to $16.9 million.

An agent at Sotheby’s International Realty who is representing the property confirmed to the Post that the property's new listed price is accurate and that it was lowered about a month ago.

The initial price for the 11-bedroom Le Chateau des Palmiers, which comes with two adjoining villas, was significantly higher than that of neighboring properties on the island. The roughly 40 percent price reduction places the cost of the property in line with those other luxury mansions.

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Sotheby’s declined to tell the Post why the price dropped. The White House referred the newspaper to the Trump Organization, which did not return a request for comment. The organization is running Trump's business holdings under a trust while Trump is in office.

Trump purchased the estate in 2013 for an undisclosed amount, although the asking price at the time was listed at $19.7 million.