Casa Casuarina, the infamous Versace Mansion in Miami Beach, has been sold at auction for $41.5 million — far below the initial asking price of $125 million.
The buyer was VM South Beach LLC, a group that included the owners of Jordache Enterprises, Bloomberg reported. VM South Beach beat out Donald Trump, who bid $41 million. A bankruptcy court will decide whether to approve the transaction tomorrow.
Located at 1116 Ocean Drive, the manse was built in 1930 by architect-philanthropist Alden Freeman and bought in 1992 by fashion designer Gianni Versace. The 10-bedroom, 11-bathroom gated property flaunts a 54-foot-long mosaic pool lined in 24-karat gold, as well as a rooftop observatory, courtyard, arched doorways and frescos.
Versace poured $33 million into the home, adding a south wing, pool and garden. After Versace was shot and killed in front of the mansion in July 1997, the property went to his sister, Donatella, who sold the residence.
Bidders at the auction had to sign a confidentiality agreement and meet financial requirements that included a $3 million deposit and proof of funds to pay at least $40 million, Reuters reported. The sale was a cash transaction.