Versace's Former Miami Mansion Sells For $41.5 Million At Auction

Category: Daily Promo / Sep 17, 2013 3:24PM EDT

One of America's landmark homes, the Miami Beach mansion that once belonged to Italian fashion designer Gianni Versace, was sold at an auction on Tuesday (September 17) for $41.5 million to a business group that includes the owners of the Jordache jeans brand.

"We had three qualified bidders here today. The property has now been sold for forty one million five hundred thousand dollars plus the four percent buyers premium. The high bidder was VM South Beach LLC. The immediate backup bidder was South Beach Venture LLC. The property has been sold. There will be a new owner tomorrow on the court confirmation. The closing will take approximately about twenty days to occur. Again the sales price is forty one million five hundred thousand dollars," said Lamar P. Fisher, President of Fisher Auction Co. who conducted the auction.

The 1930s-era Mediterranean-style estate, which has 10 bedrooms, 11 bathrooms and a pool inlaid with 24-karat gold, was auctioned off as part of a bankruptcy proceeding by its current owner, Peter Loftin.

Bidding opened at $25 million and the winning offer was made by the current mortgage holders of the property, VM South Beach.

Versace bought the property in 1992 for $2.9 million. He then purchased the hotel next door and spent $33 million on renovations to add another wing.

Video Credit: Reuters