Versace mansion on the auction block
SOUTH BEACH, Fla. (WSVN) -- What was once called home for Gianni Versace is now up for sale to the highest bidder.
The mansion, made infamous when Versace was gunned down on the front steps, is now on the market for prospective buyers. "This property is an iconic piece," Jill Hertzberg, of The Jills said. "It's located in the heart of South Beach.
Built in 1930, the beachfront property has been turned into a boutique hotel and restaurant since the murder of Versace in 1997. After hitting financial downfalls and lawsuits the last few years, a bankruptcy judge ordered the house to be auctioned.
Once listed for $125 million, the house is currently listed at $75 million but the asking price for the Sept. 17 auction will drop the property value to $25 million. "It's an opportunity for someone." Hertzberg said.
The mansion is more then 23,000 square feet, located on Ocean Drive, equipped with 10 bedrooms and 11 baths and a pool lined with 24 karat gold.
Those who choose to participate in the auction must put down a $3 million deposit and prove they can clear $40 million.
Confidentiality Agreements are in place, meaning the public may never know who buys the property, if sold. The owner though, will have the option to keep the mansion as a commercial establishment or turn it into their own home.
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