Versace Mansion for Auction: Home Where Designer Was Killed Goes for $25 Million (VIDEO)
The former mansion of Italian fashion designer Gianni Versace will go up for auction in September. Versace was shot and killed at the Miami Beach home in 1997.
Known as Casa Casuarina, the 10-bedroom, 11-bathroom home was built in 1930. Versace purchased the mansion in 1992, spending over $33 million on renovations. At that time, he also added an additional wing to the property.
Located on Ocean Drive, the home was transformed into a boutique hotel in 2000 after being purchased by its current owner. That hotel was shut down months ago although the hotel has been on the market for over a year. The originally listing price was set at $125 million. The price was later reduced to $75 million.
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But despite the many upgrades, which include a 24-karat gold lined pool and numerous hand painted frescos, the property has yet to sell. Lamar Fisher, president of the Fisher Auction Company, announced Wednesday that the property would go to the auction block. The starting price has been set at $25 million, he told Reuters.
"This is the trophy property of the century," Fisher said.
Versace was killed at the front door of the home in 1997 when he was 50-years-old. The fashion world mogul had decided to go for a morning walk to pick up a cup of coffee. Returning from his walk, he was shot and killed by a man named Andrew Cunanan. It is still unclear why Versace was killed. Eight days after the murder Cunanan used the same gun to shoot and kill himself on a boat.
After his death Versace's brother, Santo, and Jorge Saud became the CEO's over the Versace brand. In his will, Versace left 50 percent of his company to his niece, Allegra. She inherited her portion, worth about a half billion dollars, in 2004.
