The former home of fashion designer Gianni Versace at 1116 Ocean Drive in Miami Beach is scheduled to be auctioned on Sept. 17 by an order of the federal bankruptcy court in Miami.The 23,000-plus-square-foot South Beach oceanfront estate, where Versace was murdered in 1997, was built in 1930. It features 10 bedrooms and 10 bathrooms. Fischer Auction Co. is handling the auction. The property was once on the market for $125 million. Peter Loftin, the majority owner of the property, filed for bankruptcy.
According to Fisher Auction Co., bidding will start at $25 million. The stalking horse is VM South Beach, the secured lender that’s connected to the Nakash family. The Nakash family is also connected to the fashion world through denim firm Jordache Enterprises. VM acquired the note from Loftin’s original lender.