Versace Mansion on Miami Beach Hits the Auction Block

Stories about celebrity-studded parties and the murder of a beloved fashion designer surround this luxurious estate on Ocean Drive. Now the fate of the mansion is unknown as it heads to bankruptcy auction.

Photo by: The Jills, Coldwell Banker Residential Real Estate Located on Miami Beach’s famous Ocean Drive in South Beach, this is truly a one-of-a-kind property. Officially named Casa Casuarina, it’s more commonly known as the “Versace Mansion” because it was previously owned by late Italian fashion designer Gianni Versace.

The Versace Mansion has played home to the rich and famous for decades — there's even a bathroom that was specially designed for Madonna. The pool is lined in gold leaf and the Mediterranean patio drips with decadence. If only the hand-painted walls could talk, I'm sure they would tell stories of lavish parties and secret rendezvous. 

The home was first listed by the broker team The Jills for $125 million, then dropped to $75 million. “There are a lot of moving parts and I think prospective buyers didn’t realize they could get clear title to the property,” the listing’s agent, Jill Eber, told The Real Deal.

Now the home is set for auction at 10 a.m. on Sept. 17, 2013. If you're thinking that you want to get in on the action, then you'll want to make sure that you have several million in escrow. Qualified bidders will need to submit to the bankruptcy court, deposit $3 million into escrow and show proof of funds of $40 million.

The foreclosure action was filed by a company owned by the Nakash family, the founders of Jordache jeans against majority owner and telecom mogul Peter Loftin. 

Fisher Auction Co. will handle the sale along with The Jills. The rumor is that about half a dozen potential bidders have come forward including a few celebrities. Who knows, maybe this could be the start of a whole new glamorous era for the mansion. 

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