Lavishly Designed Miami Mansion Of Italian Designer Gianni Versace Is On The Auction Block (VIDEO)

The lavishly designed Miami beach home of Italian fashion designer Gianni Vesace is on the auction block, with the bidding starting at $25 million dollars.

The lavishly designed Miami beach home of Italian fashion designer Gianni Vesace is on the auction block, with the bidding starting at $25 million dollars.

Versace was shot and killed at age 50 on the steps of his Mediterranean-style mansion in 1997.

Versace spent $33 million dollars renovating the 10-bedroom, 23,000-square-foot home, which features a swimming pool with a 24K gold-inlayed black marble mosiac.

Casa Casuarina, as it's called, was initially listed for $125 million, and was recently reduced to $75 million.

The owner, telecom magnate Peter Loftin bought the property and converted it into a boutique hotel. He has been trying to sell the property for more than a year, which now faces bankruptcy.

It's been reported that Versace helped convert the once glum area, where drug dealers and prostitutes worked street corners, into some of Miami's most expensive real estate, which brought in stars like Sylvester Stallone, Madonna and the designer's sister Donatella Versace.

The auction is scheduled for Tuesday.

Carbonated.TV
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