$50million slashed off price of mansion where Gianni Versace was shot dead (but it will still set you back $75million)

• Casa Casuarina in Miami has not found a buyer since going on the market
• Asking price of mansion cut from $125million to $75million over one year
• 10-bedroom home was lavishly decorated by Versace before his death

The house where Gianni Versace was killed has had its asking price cut by $50million after failing to find a buyer for more than a year.
However, the luxurious Miami mansion is still set to remain the preserve of the super-wealthy, as its buyer will have to cough up $75million.
The extravagant 10-bedroom home, known as 'Casa Casuarina', is being sold by its current owner, telecoms magnate Peter Loftin.

Opulence: Gianni Versace's old home in South Beach, known by most as Casa Casuarina though now a hotel owned by Peter Loftin, has been listed for $75million

Design marvel: Though the designer behind Villa by Barton G, refurbished the 23,000 square foot space, the style is very much in keeping with the lavish tastes of its former owner

Palatial: Peter Loftin, a telecom entrepreneur, bought the mansion in 2000 and resided there before its conversion into a boutique hotel in 2009

He initially asked $125million for the property, making it the most expensive house on the market when it was first put up for sale a year ago.

 

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But in November he was forced to take $25million off the asking price, and has now lowered it by another $25million.
Mr Loftin bought the luxury mansion in 2000, three years after Versace's murder, and converted the residence into a boutique hotel and private club in 2009.

Bargain? The lavish house is now available for $50million less than it originally cost

Expansion: The home was totally remodelled by Versace himself after he fell in love with the property

Unique: There are not many homes as utterly lavish as the house where Versace lived until his death

Pool: But only an extravagant multi-millionaire could afford to buy the Miami Beach mansion

Dark past: It was outside this house where legendary designer Versace was killed by a lone gunman

Those who have toured the incredible property maintain that the once gold-lined swimming pool and museum quality frescoes are just a few of the lavish features that contribute to the hefty price tag.
In fact, such is its value, property experts refer to the luxurious villa as a 'trophy property'.
The now legendary Italian designer bought Casa Casuarina in 1992 for just under $10million after supposedly passing by and falling in love with it.

Boutique: The Versace motif remains on the floor of one of the hotel suites, a tribute to the designer who spent $33million renovating and expanding the property after he bought it in 1992

Prints and patterns: The villa was originally built in the 1930s by architect Alden Freeman as an homage to the oldest existing house in the western hemisphere in Santo Domingo

Lavish: The hotel still features the murals and frescoes painted on the walls and ceilings by Mr Versace, a detail that contributes to the hefty price tag

Ocean view: Villa by Barton G looks out onto the Atlantic from its Miami Beach location, an exclusive section of the South Beach strip

A step in the wrong direction: Mr Versace was tragically killed at the entrance to Casa Casuarina in 1997 by Andrew Cunanan who committed suicide shortly after

Originally built in the 1930s by architect Alden Freeman, the Miami Beach property was somewhat dilapidated until Versace invested $33million into restoring and improving the property.

Once an architect himself, the flamboyant designer added a 6,100 square foot south wing and a 54ft pool lined with 24-karat-gold.
The impressive courtyard he covered in thousands upon thousands of individual mosaic tiles while elaborate frescoes were painted across the property's walls and ceilings.

Illuminating: A skylight brightens up the original interior designed by Gianni Versace in the famously ornate home that he bought in 1992 after falling in love with the property

Grandeur: The couturier added a 6,100 square foot south wing to the property and covered the courtyard in thousands upon thousands of individual mosaic tiles

Kids room? The property cost Mr Versace $10million and though he plugged $33million of his own money into its renovation, after his death his family made a quick sale for only $20million to its new owner

Residential palace: The one acre property featured ten bedrooms, 11 bathrooms, seven fireplaces, a garage for 12 cars and a guesthouse

Indeed it was Versace's pride and joy until the fateful June day of 1997 when Andrew Cunanan assassinated him in cold blood on the very steps of the house.

Icon: Missed by the fashion world, the late Gianni Versace was once an architect

When Donatella Versace scrambled to sell off the designer's assets, Mr Loftin gained from a quick bargain and bought the villa for a cool $20million.
After residing there himself for a number of years, he turned the opulent property into a boutique hotel.
The property is now known as Villa by Barton G after the events impresario Barton G. Weiss who renovated and re-styled it .
Nowadays, according to the hotel's website, the decor 'takes up style where fashion designer Gianni Versace left off.'
Boasting 23,400sq feet, the ornate house includes seven fireplaces, a guest house and a parking garage large enough for a dozen cars, and all within a one acre plot.
For the past three years hotel guests have enjoyed the surrounding attractions of Miami's historic Art Deco district while re-energising from the day poolside or in one of two of the residence's lounges.
Coldwell Banker's Jill Eber and Jill Hertzberg, known to many as 'The Jills' are representing Mr. Loftin in the sale.

'Miami is now seeing prices like it's never seen before, with an influx of international buyers, so it's the perfect time to sell this trophy property,' Ms Eber told the Wall Street Journal.