The Pretty Woman star initially put his Strongheart estate in North Haven, the Hamptons on the market for $65 million (£40.6 million) last summer (13), and dropped the price by $9 million (£5.6 million) in April (14) after struggling to offload the property.
Now Gere has slashed the price yet again by another $8.5 million (£5 million), and the pad is now listed for $47.5 million (£28.2 million), according to the New York Daily News.
Gere and Lowell bought the three pockets of land that became their estate between 2005 and 2008 for a total of $11.3 million (£7 million) and then paid a fortune renovating the 1902 main house and guest quarters, according to RealEstalker.com.
The waterfront compound boasts 12 bedrooms and bathrooms, a gym, basketball courts, an outdoor fireplace pavilion and a heated pool.
It is the second Hamptons home Gere and Lowell have had to accept a lower sale price on - in 2009, they sold their farmhouse in Water Mill for $5.9 million (£3.7 million), almost $3 million (£1.8 million) less than the initial market figure.