Gianni Versace's South Beach mansion to hit the auction block, with the bidding starting at $25 million U.S. dollars.
Versace was shot and killed at age 50 on the steps of his Mediterranean-style mansion in 1997.
Versace spent $33 million dollars renovating the 10-bedroom, 23,000-square-foot home, which features a swimming pool with a 24K gold-inlayed black marble mosiac.
Casa Casuarina, as it's called, was initially listed for $125 million, and was recently reduced to $75 million. The owner, telecom magnate Peter Loftin bought the property and converted it into a boutique hotel. He has been trying to sell the property for more than a year, which now faces bankruptcy.
It's been reported that Versace helped convert the once glum area -- where drug dealers and prostitutes worked street corners -- into some of Miami's most expensive real estate, which brought in stars like Sylvester Stallone, Madonna and the designer's sister Donatella Versace.
The auction is scheduled for Tuesday, September 17.
