Discounts and price cuts occur all the time in real estate, especially for homes that have spent some time on the market. Those discounts, however, usually register in the thousands — occasionally a couple of million. But a $25 million price cut? That’s significant no matter how you look at it.
The late Gianni Versace’s former Miami home has had not one, but two of these significant price cuts. The house, known as Casa Casuarina, first hit the market with a hefty price tag of $125 million a year ago; at the time, the price made it the most expensive home on the U.S. market. (Not so anymore an apartment is listed at $125 million in Manhattan, and an estate in Greenwich, CT is priced at $190 million.)
By November, the home was discounted by $25 million to $100 million.
By the end of May, the price was slashed another $25 million, putting it at the current list price of $75 million, which by many accounts, still puts it on the most expensive homes list.
The home at 1116 Ocean Dr, Miami Beach FL 33139 was purchased by the Italian designer in 1992 for about $10 million. He spent some $33 million expanding it, adding an entire south wing and exterior plazas as well as a mosaic pool lined in 24-karat gold. Versace was murdered outside the home in 1997, and telecom entrepreneur Peter Loftin bought the home for $19 million. Loftin used the home as a private residence for a few years and then turned it into a boutique hotel, Villa by Barton G, in 2009.
Built in 1930, the house measures 23,462 square feet with 10 bedrooms and 11 bathrooms, many of which have views of the Atlantic from the home’s perch on Ocean Drive.