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Versace villa drops by 20 per cent

Versace villa drops by 20 per cent

A villa owned by the late fashion juggernaut Gianni Versace, listed just six months ago, has dropped in price by 20 per cent - to $100,000,000.

The Miami Beach mansion, where Versace was gunned down while collecting the papers from the doorstep in 1997, has 10 bedrooms and 11 bathrooms and stunning views of the ocean. Versace bought the house for $10 million in 1992 and subsequently spent another $33 million on it, adding OTT touches including a 6,100-square-foot south wing, a 54-foot-long mosaic-tiled pool lined with 24-carat gold, a mosaic-covered courtyard and frescoes on the home's walls and ceilings.

Since 2000 the estate, known as Casa Casuarina, has been owned by telecom entrepreneur Peter Loftin who has run it as a boutique hotel and restaurant.

"Miami is now seeing prices like it's never seen before, with an influx of international buyers, so it's the perfect time to sell this trophy property," says Jill Eber one of the agents at Coldwell Banker who are handling the sale.

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