Gianni Versace's Miami Mansion To Be Auctioned By U.S. Bankruptcy Court - ArtLyst: " . . .The house and outbuildings had been previously sold by the Versace estate after the designers death in 1997. It was later renovated into into a boutique hotel, but the hotel was unable to make a profit. An auction has now been scheduled for September 17. The Fischer Auction Company which is handling the sale have stated that the property consists of an Ocean-front Estate Built in 1930. It has 10 Bedrooms / 11 Bathrooms 19,500+/- SF Lot on World Famous Ocean Drive, directly facing the Atlantic Ocean, Lavish Appointments, Luxury-laden, 54 Foot Long, Mosaic-tiled, 24K Gold-Lined Pool, Domed Ceiling, Curved Windows, Hand-painted Walls and Ceiling Frescoes, Located in the Heart of Miami Beach's famed Art Deco District. . . ."
Versace Mansion, a South Beach Star, Faces Auction - NYTimes.com: "On Sept. 17, Casa Casuarina, as the mansion is called, will be auctioned off, a casualty of lawsuits, countersuits, missed mortgage payments, back taxes and a federal bankruptcy proceeding initiated this summer to stave off foreclosure. Considered one of the country’s most expensive homes, the mansion was put on the market in June of last year for $125 million; it was later reduced to $75 million. With the property now in bankruptcy proceedings, a judge signed off on the auction, which requires an opening offer of $25 million. Bidding on the property, even at the reduced price, requires deep pockets. A total of $3 million must be put in escrow, and prospective buyers must show proof of a minimum of $40 million in funds."
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