Famed Versace Mansion Sells Well Under Asking
The famed Gianni Versace mansion went up for auction on September 17th, after a rocky listing period of what some believe to be a gross overpricing.
The 10-bedroom, 11-bathroom Miami Mediterranean style estate went on the market back in 2012 for a whopping $125 million. After months of non-activity, the price was dropped in May to $75 million and a still silent audience. In September the property was put to auction to open up the buyers pool and, possibly, to create buzz. Such potential buyers as Donald Trump came out to bid on the property, with the final winning bid of $41.5 million going to the property's mortgage holder, VM South Beach.
The 19,000-square-foot manse features a gold-plated swimming pool and marble toilet with gold seat. Located in the touristy section of Miami's Ocean Drive, many local experts are calling the sale a poor location which accounts for the lower sale price. The once famous owner, Gianni Versace, was killed by gunshot in front of the house in 1997.
The most recent previous owner of the Versace mansion paid $19 million for the property in 2000, before experiencing financial difficulties. Potentially a great location for a hotel, Miami law might not allow such development to take place.
What do you think of this high-dollar celebrity sale? Do you think the previous owner of the Versace mansion increases the property's value?
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