Versace Price Cut

Versace Mansion Gets Price Cut, Still Can’t Find A Buyer

The former Versace mansion has received a price cut. The home is now available for $75 million.

The spacious abode has been on the market since last summer. However, it would appear the seller is still having trouble finding someone to shell out that much money for the late fashion designer’s house.

According to Bloomberg, Coldwell Banker Real Estate said in an email that the Versace mansion was getting its price cut from $100 million to $75 million. Business Telecom Inc. founder Peter Loftin, who bought the property in 2000, made the decision to slash the cost of the home.

Those willing to part with a substantial chunk of change will certainly have quite a bit of room to move around. The mansion reportedly sports a whopping 10 bedrooms, 11 bathrooms, and a swimming pool lined with 24-karat gold. All of that extravagance certainly comes at a hefty price.

This isn’t the first time the Versace mansion has received a price cut. In November of 2012, the house’s price tag was slashed from $125 million to $100 million. Listing agent Jill Eber told Forbes that several people have been interested in the property, none of them were very serious.

Fashion designer Gianni Versace purchased the mansion back in 1992 for $33 million. In addition building another wing, he constructed a pool and a garden. Sadly, Versace was shot and killed on the property 1997.

After his death, the mansion was purchased by Business Telecom Inc. and later transformed into a boutique hotel and event space. If no one snaps up the mansion for $75 million, then Loftin could lower the price even further.

According to the World Property Channel, there are currently a few issues with the house. Apparently the property is facing imminent foreclosure. Current tenant and Miami chef Barton Weiss filed for an immediate injunction since Loftin reportedly didn’t pass this information along to him.

What do you think about the former Versace mansion getting a price cut? Would you ever spend $75 million on a house if you could afford it?

[Image via meunierd /]