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Casa Casuarina

Written by Chief Editor.

The Former Home of One of Elton's Close Friends is to be Auctioned Off.

In 1997, Gianni Versace was shot dead by serial killer Andrew Cunanan. His mansion, though, which hosted guests like Elton and Madonna, remains, with its mosaics, marble floors, onyx toilet, a swimming pool flecked with 24-karat gold and abundant frescoes.

In 2000, the Versace family sold the property for $19 million to a telecom entrepreneur, Peter Loftin. Over the past 13 years, it has been a residence, a private club, a boutique hotel and event spaces.

On September 17, Casa Casuarina, as the place is called, will be auctioned off, a casualty of lawsuits, countersuits, missed mortgage payments, back taxes and a federal bankruptcy proceeding initiated this summer to stave off foreclosure.

Considered one of the country’s most expensive homes, the mansion was put on the market in June of last year for $125 million; it was later reduced to $75 million. With the property now in bankruptcy proceedings, a judge signed off on the auction, which requires an opening offer of $25 million.

Bidding on the property, even at the reduced price, requires deep pockets. A total of $3 million must be put in escrow, and prospective buyers must show proof of a minimum of $40 million in funds.