Versace Mansion heading to Bankruptcy Auction

1116 Ocean Drive, Miami Beach, Florida, United States, 33139

One of the most well known homes in Miami Beach is set to go to auction on September 17.  The 23,000 square foot compound was formerly owned by Italian designer Gianni Versace who was shot dead on the steps to the mansion on July 15, 1997.  Versace purchased the historic home in 1993 and spend over $33 million renovating it according to the Calgary Herald.  The mansion was originally built in 1930 and sits on a large 19,500 square foot lot on the world famous Ocean Drive.

Dramatic features include domed ceilings, curved windows, hand painted walls & ceiling frescos, and a one of a kind 54 foot long, mosaic-tiled, 24K gold lined swimming pool.  In more recent years the property, now known as Casa Casuarina, was used as a luxurious boutique hotel but closed earlier this year.  The property was originally listed with The Jills at a staggering $125 million before being reduced to $100 million and reduced once more to $75 million.  A bankruptcy court has just ruled that Fisher Auction Company will handle the sale of the mansion.  Bidders will have to show proof of funds of $40 million and will also have to place a $3 million deposit.  The current owner, Peter Loftin, has been struggling with foreclosure on the property in recent weeks.  The auction will take place at 10:00 AM on Tuesday, September 17, 2013.