Sale of Gianni Versace's Once-Owned Mansion a Big Letdown

Posted: Sep. 19th, 2013  |  By DailyLuxe News

The recent sale of the South Beach mansion once owned by Gianni Versace missed its targeted selling price by $83.5 million.

The grandiose residence, which was listed at $125 million last year, was sold back to the mortgage holder, VM South, for $41.5 million. While the price subsequently dropped to $75 million, the estate known as Casa Casuarina, still could not secure a buyer at its asking price.

However, the flat sale is not viewed as a turndown in the luxury real estate in Southern Florida. It was reported that the property had unique problems that kept it from selling.  It was more of a party-house than a practical single-family residence … even if money was no object. Its location and ornate décor were issues, NBC News reports.

"It's really not practical as a single-family residence," said Jorge Uribe, senior vice president of One Sotheby's International in Miami. "I don't know any clients who would want to live there even as a second or third house."