28 Jul 2013

Former Versace mansion for sale

6:24 am on 28 July 2013

A mansion once owned by Gianni Versace is for sale by auction in Miami's South Beach on 17 September.

The late fashion designer's presence helped launch South Beach's prominence as a cosmopolitan getaway.

Versace bought the mansion in 1992 for $US2.9 million and spent $US33 million to create a Mediterranean palace of marble and frescos with 10 bedrooms and 23,000 square-feet of space.

Versace's logo, a Medusa head, is on display throughout the house.

After Versace was shot by a serial killer in 1997, telecom magnate Peter Loftin bought the property and turned it into a boutique hotel.

Loftin is now facing bankruptcy and has been trying to sell the house for more than a year.

It was initially listed for $US125 million. The asking price was recently cut to $US75 million, with bids to start at $25 million, according to Fisher Auction Co.

First developed as a residential resort in the 1920s and 1930s during the height of the Art Deco period of architecture, Miami Beach lost its allure in the 1960s and 1970s and fell into decay.

"(Versace) found Miami Beach when he was delayed on the way to the airport on the way to Havana and fell in love with it, no matter how neglected," said event organizer Tara Solomon, who wrote a newspaper column in the 1990s.

Afterwards, the area became a magnet for the creative, artistic and jet set. Madonna and Donatella Versace became Miami Beach regulars. Ford Models and Elite opened offices on Ocean Drive.

Madonna was such a frequent guest that Versace built her a suite.