The infamous Versace Mansion in Miami has had a rough time on the real estate market.
It was originally listed back in June 2012 for $125 million, making it one of the most expensive homes in America at the time.
Jill Eber of real estate agency The Jills confirmed to The Real Deal that bidders will need to deposit $3 million into escrow and show proof of funds of $40 million to participate. The auction will take place at the storied mansion, which is now a boutique hotel known as Casa Casuarina.
Versace originally bought the home in 1992 for $10 million and invested $33 million into the property, adding a 6,100-square-foot south wing, a 54-foot-long mosaic-tiled pool (lined with 24 karat gold), and frescoes on the home’s walls and ceiling.
The fashion designer was murdered outside the property in 1997 by Andrew Cunanan. Tourists and fans still visit the home to take pictures on the steps where Versace died, which could explain why the estate has had so much trouble finding a buyer.
Reuters recently took new pictures of the palatial mansion in advance of September’s auction, and it’s looking more opulent than ever.
Welcome to 1116 Ocean Drive in Miami, the infamous Versace Mansion. These are the steps where fashion designer Gianni Versace was murdered in 1997.
If you can believe it, this living room with telescope, leather couches, and exposed-beam ceiling is one of the most bland rooms in the house.
Many of the mosaics on the walls, ceilings, and floors were added during Versace's refurbishing of the home.
There are plenty of opulent details throughout the home, like these stained glass windows, wall frescoes, and intricate staircase railing.
NOW WATCH: Executive Life videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.