Price Dropped (Again) on Versace Mansion

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The ornate 1930s mansion in South Beach where Gianni Versace lived and died is no longer priced at $100 million.

The price has been dropped to $75 million, according to the listing with "The Jills," the agency operated by celebrity specialists Jill Hertzberg and Jill Eber.

The mansion was originally listed for $125 million last summer, making it one of the most expensive homes in America. But buyers clearly weren't thrilled at that price tag, despite the mansion's ornate features and South Beach location.

In March Ms. Eber said the property was generating "serious interest" at $100 million, but clearly no one has been willing to meet the price.

Beyond the price tag, there are complications to the property, which is reportedly in default. The price cut comes about a week after the mansion's current tenant, Miami chef Barton Weiss, filed for emergency injunction to break his lease, claiming current owner Peter Loftin failed to disclose the property's imminent foreclosure, according to Real Deal.

Mr. Weiss, also known Barton G, operates a boutique hotel and event space business, and reportedly signed a 10-year lease, The Real Deal reports.  Italian fashion designer Gianni Versace lived and partied in the mansion from 1992 until he was gunned down outside the mansion's front entrance in 1997.  

The 10-bedroom, 11-bathroom Ocean Drive gated mansion features a 54-foot-long mosaic pool lined in 24-karat gold, ornate sculptures, arched doorways, a marble toilet with gold seat and Mr. Versace's gold Medusa head logo throughout the home.