The lavishly designed Miami beach home of Italian fashion designer Gianni Vesace is on the auction block, with the bidding starting at $25 million dollars.

Versace was shot and killed at age 50 on the steps of his Mediterranean-style mansion in 1997.

Versace spent $33 million dollars renovating the 10-bedroom, 23,000-square-foot home, which features a swimming pool with a 24K gold-inlayed black marble mosiac.

Benny Fisher, founder of Fisher Auction Company.

(SOUNDBITE) (English) BENNY FISHER, FOUNDER OF FISHER AUCTION COMPANY, SAYING:

"South Beach, within one block from here, you can go and have any kind of food or entertainment or excitement that you might care to, but when you walk through those gates, you have your own total, remote, isolated situation just like an island on to itself. So it's the best of both worlds."

Casa Casuarina, as it's called, was initially listed for $125 million, and was recently reduced to $75 million.

The owner, telecom magnate Peter Loftin bought the property and converted it into a boutique hotel. He has been trying to sell the property for more than a year, which now faces bankruptcy.

CHARLENE BAUTISTA, TOURIST VISITING FROM NEW JERSEY, U. S., SAYING:

"The legacy and history behind Versace. If I definitely had the money, I would most likely purchase it. I can only imagine how lavish it is inside."

It's been reported that Versace helped convert the once glum area -- where drug dealers and prostitutes worked street corners -- into some of Miami's most expensive real estate, which brought in stars like Sylvester Stallone, Madonna and the designer's sister Donatella Versace.

The auction is scheduled for Tuesday.

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