The Miami mansion where designer Gianni Versace was famously murdered, is up for auction after it went unsold last year with a price tag of $125 million, according to reports.
According to a press release issued by Fisher Auction Company, Peter Loftin, the majority owner and telecom entrepreneur, has filed bankruptcy. The Miami Beach mansion, last listed for $75 million after two steep price cuts, will be sold at an auction.
Owners of the 10-bedroom home expect bids of more than $40 million when the auction kicks off on September 17 in conjunction with Coldwell Banker's The Jills. According to New York Daily News, the owners say they have already been contacted by several interested buyers.
The Casa Casuarina failed to find a buyer when it was on the market last year, but the owners hope the buzz generated by an auction will convince someone to part with more than $40 million.
"We have been contacted by a bunch of international buyers, from Russia and a lot from South America," Adam Marshall, a lawyer at a firm that represents the latest owners, told AFP.
To participate in the auction for this Miami mansion, bidders must make a $3 million deposit and show proof they have access to $40 million. Once the highest bidder is determined, he or she must tender a 10-percent deposit, inclusive of the $3 million, immediately. Bidding starts at $25 million.
Versace was murdered outside this Miami home, formerly known as Casa Casuarina and now known as "The Villa By Barton G.", at the age of 50 by spree killer Andrew Cunanan.
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