Versace Mansion In South Beach Heading to the Auction Block

Leah Bourne

DSC05797The Versace mansion, located on a prime stretch of South Beach, once a symbol of 1980s hedonism and excess (and also the location where Gianni Versace was tragically murdered in 1997) is heading to the auction block.
The house, officially known as Casa Casuarina, has been on the market for years, and was once listed for $125 million. Now in bankruptcy, it is being auctioned off on September 17. The property carries an initial “stalking horse bid” from the creditor of $25 million that it maintains the right to increase as far as $32.7 million—meaning prospective buyers must go over those numbers to acquire the property.
The house, built in 1930 by architect Alden Freeman, spans 23,000 square feet and includes 10 bedrooms,11 bathrooms, and an observatory, all finished with hand-painted walls and fresco-adorned ceilings. The entryway is flanked by twin sweeping staircases. Outside, located off of a private courtyard adorned in mosaic-tiled walkways and sculptures is an opulent 54 foot-long pool lined with 24 karat gold.
The house is expected to fetch somewhere in the $50 million range. The mansion was acquired from the Versace heirs in 2000 for $19 million, so despite its bankruptcy, its value is clearly still on the rise.