UK Markets open in 6 hrs 19 mins

Miami home of Gianni Versace drops 20% off asking price ... to £65.5million

Lana Clements
The mansion where world-famous designer Versace was murdered

The Miami home where fashion designer Gianni Versace lived before he was gunned down is now on the market for $100 million (£65.5 million), after dropping $25 million (£17million) from the asking price.

The mansion’s current owner made the “agonising decision” to sell after buying the stunning property 10 years ago.

[Gallery: Check out all the pictures here]

Versace, founder and head of the eponymous fashion empire, lived in Casa Casuarina on Miami’s glamorous Ocean Drive, the pinnacle of South Beach, before he was shot dead on his doorstep in 1997.

At the address, Versace hosted star-studded soirees, welcoming the likes of Elton John and Madonna to the 10-bedroom, 11-bathroom opulent home.

Current owner Peter Loftin said he carried on the tradition, “hosting wonderful parties and entertaining celebrities from all over the world” at the 19,000 square foot property.

But despite the high profile status attached to dazzling property, it has struggled to sell since being put up for sale in June last year.

The home was initially built in 1930 at the height of the Art Deco design movement. But the Italian designer invested $33 million (£22 million) to renovate and expand the property in line with his trademark lavish and ostentatious Versace style.

His expansions and renovations included a south wing, a 54-foot long mosaic pool lined in 24-carat gold and numerous frescos.

Loftin has preserved and maintained all of the Versace’s design features. 

“This is an iconic property and whoever owns it will enjoy instant celebrity”, said estate agent Jill Eber.

The property is being sold through Hamptons International in association with Coldwell Banker.