The disgraced and incarcerated former chief executive of Bermuda company Tyco International, L. Dennis Kozlowski, has cut $3 million off the asking price of his estate in Nantucket, to make it just less than $20 million.

Kozlowski bought the 3.8-acre oceanfront property in Squam, on the eastern end of the island, for $5 million in 1997. It consists of a shingle-style main house, a guest cottage, a studio and a garage.

Listing agent David Callahan, of Jordan Real Estate, told the Wall Street Journal the property went on the market about a year ago for around $20 million; the price was raised to $23 million due to the rising real-estate market, and has now been cut due to the market slowdown.

In 2005, a Manhattan jury convicted Mr. Kozlowski of grand larceny, conspiracy and securities fraud in connection with bonuses and other improper compensation he received while leading the conglomerate. Mr. Kozlowski was sentenced to eight to 25 years in prison and ordered to pay $167 million in fines and restitution. In October, Mr. Kozlowski appealed the conviction.