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Versace 10-Bedroom Miami Mansion Price Cut to $75 Million

Versace Miami Mansion Sells for $41.5 Million to Jordache Group
The mansion was built in 1930 by architect and philanthropist Alden Freeman. Photographer: Richard Patterson/Getty Images

May 22 (Bloomberg) -- Casa Casuarina, the Miami Beach mansion where fashion designer Gianni Versace was shot and killed in 1997, had its listing price lowered to $75 million after being listed for $125 million a year ago.

Peter Loftin, the founder and former chairman of Business Telecom Inc., reduced the price on the 10-bedroom, 19,000-square-foot (1,800-square-meter) property he bought in 2000, Coldwell Banker Real Estate said in an e-mailed statement.

The house at 1116 Ocean Drive, a strip frequented by Miami Beach tourists, has a 54-foot (16-meter) long mosaic pool lined in 24-karat gold. It was built in 1930 by architect and philanthropist Alden Freeman, who hired opera star Mary Garden to sing at its opening, according to a Miami News article from December 1937.

Versace purchased the home in 1992 and spent $33 million expanding and upgrading the property, adding a south wing, pool and garden. He was shot in front of the house in July 1997 by Andrew Cunanan, who took his own life two weeks later. Versace’s will left his interest in the family fashion house to his sister, Donatella.

The sales team for the property is led by Jill Hertzberg and Jill Eber, who have sold more than $1.7 billion in real estate since 2005, according to Coldwell Banker.

To contact the reporter on this story: Bill Faries in Miami at wfaries@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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