After more than a year on the real estate market, Miami’s Versace Mansion finally sold for $41.5 million in a closed-door auction today.
For those keeping score, that’s an $83.5 million discount from the home’s original $125 million listing price.
The infamous property was bought today by the Nakash family, owners of iconic ’80s denim brand Jordache. The Nakash’s company, VM South Beach, is the chief creditor in the mansion’s foreclosure case.
The Versace Mansion had trouble finding a buyer from the get-go. Originally listed for $125 million in June of 2012, the home was the most expensive in America at the time.
A few months later, however, it was price-chopped down to $100 million, then $75 million, and finally slated for bankruptcy auction.
The Nakash family reportedly plans to turn the storied mansion into a boutique hotel bearing Versace’s name.
Fashion designer Gianni Versace originally bought the home in 1992 for $10 million, and invested $33 million into the property, adding a 6,100-square-foot wing, 54-foot-long mosaic-tiled pool (lined with 24-karat gold), and frescoes on the home’s walls and ceilings.
He was murdered outside the property in 1997 by Andrew Cunanan. Tourists and fans still visit the home to take pictures on the steps where Versace died, which could explain why the estate had so much trouble finding a buyer.
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– Megan Willet for Business Insider