Caveat vendor

Is this the most tragic case of vendor discounting ever? Last year we reported that the Miami Beach mansion where Gianni Versace lived (and died) had gone on the market with a price tag of US$125m.

At the time, we quoted Morgan Brennan, real estate writer with Forbes Magazine, as saying it was “quite likely that the mansion will sell, quickly and for a high price, as the trophy-home market is still very active amongst the world’s billionaires”.

Unfortunately that was not the case, and the property will now go to auction in September with a reserve of just US$25m.

If that still seems like a lot, keep in mind the 23,000 square-foot mansion offers 10 bedrooms, 11 bathrooms and a 54-foot long mosaic pool lined with 24-karat gold.