Raphi, Avi, and Joe Nakash, who created Jordache Enterprises, edged out real estate tycoon Donald Trump by about $500,000.
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According to the three Israeli-born siblings, they plan to make the property available to the public in some way although they are as yet unsure if it will take the form of a hotel, restaurant or event space.
The home, known as Casa Caurina, was built in 1930 by renowned architect and author Alden Freeman and is modeled after the palace in the Dominican Republic built by the son of Christopher Columbus.
The mansion has 10 bedrooms and 11 bathrooms and has an impressive 23,000 square feet of living space.
The property features a 54-foot mosaic pool lined with 24-carat gold, and many of its rooms are also adorned with hand-painted frescoes, Italian marble and stained glass.
The Nakash brothers own five other hotels along Miami Beach, including Hotel Victor next door, and they hope to continue to use the Versace name pending the family’s permission.
Fashion designer Gianni Versace was murdered on the steps of the mansion in 1997. He bought the property in 1992 for $3 million and spent $33 million renovating it.