Gianni Versace's Mansion Up For Auction

Gianni Versace's Miami Beach mansion, where the legendary fashion designer was fatally shot almost exactly 16 years ago today, will be going up for auction after failing to sell.

The sprawling mansion, also called Casa Casuarina, has 10 bedrooms, 11 bathrooms, and sits on 23,000 square feet of oceanfront property. It was previously listed for $125 million and reduced to $75 million this past May. It's current owner, Peter Loftin, bought the house about ten years ago for $19 million. Loftin reportedly filed for bankruptcy to avoid foreclosure.

The auction is set for September 17 of this year, with bids beginning at $25 million. The bidders must be pre-approved and put down a $3 million deposit.

Check out more photos of the mansion here

Versace, who founded Gianni Versace S.p.A., was 50 when he was shot dead in 1997. The shooter, American spree killer Andrew Cunanan, shot and killed himself eight days after shooting Versace. His reasoning behind shooting Versace was never revealed.