Auction Scheduled for Versace Mansion
- 11 years ago
The Versace Mansion was listed on the real estate market last year for $125 million. On September 17th, the estate will be sold at a bankruptcy auction for much less than the original asking price.
We've all heard of the Versace brand. Now the Versace mansion where the iconic fashion designer Gianni Versace lived and was subsequently murdered is up for a bankruptcy auction.
It is believed that the mansion’s majority owner defaulted on a $25 million mortgage note.
The minimum bid for the auction will be for that amount, however the creditor reserves the right to increase the reserve to $32.7 million.
Interestingly, the property was listed on the real estate market last year for a whopping $125 million.
An authority at Fisher Auction Company stated “We have already been contacted by several law offices. This is the most unique property that has ever been sold at auction.”
The 23,000-square-foot home was built in 1930. Sitting behind an elaborate gate, it has 10 bedrooms, 11 bathrooms and a courtyard.
Along with statues and arches, the property also includes a mosaic pool lined with 24-karat gold.
Potential bidders must show proof that they have at least $40 million in funds.
We've all heard of the Versace brand. Now the Versace mansion where the iconic fashion designer Gianni Versace lived and was subsequently murdered is up for a bankruptcy auction.
It is believed that the mansion’s majority owner defaulted on a $25 million mortgage note.
The minimum bid for the auction will be for that amount, however the creditor reserves the right to increase the reserve to $32.7 million.
Interestingly, the property was listed on the real estate market last year for a whopping $125 million.
An authority at Fisher Auction Company stated “We have already been contacted by several law offices. This is the most unique property that has ever been sold at auction.”
The 23,000-square-foot home was built in 1930. Sitting behind an elaborate gate, it has 10 bedrooms, 11 bathrooms and a courtyard.
Along with statues and arches, the property also includes a mosaic pool lined with 24-karat gold.
Potential bidders must show proof that they have at least $40 million in funds.