New Twist in Fate of Versace Mansion

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In the latest twist in the saga of the glamorous South Beach mansion once owned by Gianni Versace, the owner has filed for Chapter 11 bankruptcy protection.

The mansion where Mr. Versace lived and died has been at the center of a lengthy legal battle while the owner, Casa Casuarina LLC, attempts to sell it. The Chapter 11 filing blocks the foreclosure attempt by VM South Beach LLC, the mortgage holder owned by the family that created the Jordache jeans brand, according to the Wall Street Journal.

Even with the legal issues, the mansion is still generating a "great deal of interest" from buyers, Jill Eber, the listing agent and half of the celebrity specialist team "The Jills," told WPC. She declined further comment.

The property first went on the market last summer with a price tag of $125 million. Since then, the price has been cut twice and is now listed for $75 million. 

Casa Casuarina's majority owner Peter Loftin is attempting to continue his search for a buyer for the 10-bedroom, 11-bath mansion. 

Among its unique features, the Ocean Drive gated mansion features a 54-foot-long mosaic pool lined in 24-karat gold, a marble toilet with a gold seat and Mr. Versace's gold Medusa head logo throughout the mansion.

Mr. Versace was shot and killed at the front gate of the mansion in 1997 by Andrew Cunanan, who was described as a male prostitute.