Real estate speculators were looking forward to the late Gianni Versace’s South Beach mansion becoming Miami’s first 100 million dollar sale, but it was not to be.
Real estate speculators were looking forward to the late Gianni Versace’s South Beach mansion becoming Miami’s first 100 million dollar sale.
Unfortunately, it became just another 41 million dollar one, meaning it didn’t even break the 47 million dollar record set in 2012 for Miami’s most expensive house.
While some see it as evidence that Miami’s real estate market is experiencing a downturn, others point out that the house itself has some significant deterrents.
At the top of the list for people looking for a single-family home is a lack of privacy.
In addition to sitting on South Beach’s bustling Ocean Drive, the house holds the distinction of being simultaneously famous and infamous.
When owned and occupied by Versace, guests to the mansion included Madonna and Princess Diana.
It was also where the Italian fashion icon died after being shot by a serial killer.
For commercial purposes, the house’s 10 bedrooms aren’t considered to be enough to gain a return on the investment.
The people who did buy it, an investment group that includes the owners of Jordache enterprises, plan to link it to a next-door hotel property they already own.
