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

Ten-bedroom mansion has 11 bathrooms

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.

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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.

The spectacular property is located on Miami's glitzy South Beach

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.

The home is decorated in typical Versace style

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.

Features of Casa Casuarina include a gold-lined, mosaic pool

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.

The property is the crown-jewel of Miami, according to the estate agent selling it.

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

The 10-bedroom home is suited to hosting alfresco parties

“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.