REUTERS/Gaston De Cardenas
It was originally listed back in June 2012 for $125 million, making it one of the most expensive homes in America at the time.
A few months later, it was price-chopped down to $100 million, then $75 million, and now the estate is headed for bankruptcy auction this September.
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.