The Versace mansion in Miami Beach, Florida, will go up for auction in September with bids starting at $25 million. The Versace mansion originally was for sale for $125 million. Gianni Versace was shot and killed at the mansion in 1997.

The former Versace mansion is now known as Casa Casuarina, and is 23,000-square-feet. It will go up at a bankruptcy auction on September 17, according to Lamar Fisher, president of the Fisher Auction Company. The auction will be held at the mansion, Reuters reports.

The property went up for sale more than a year ago, with an initial asking price of $125 million, making it the most expensive house on the market, The Daily Mail reports. The price was cut to $75 million several months ago, but no potential buyers swooped on the deal.

"This is the trophy property of the century," Fisher said.

In 1997, the 50-year-old fashion designer was shot dead on the doorstep of the house. The man who shot him later committed suicide. According to The Daily Mail, tourists still return to the mansion to take photos of the house.

The mansion was built in 1930 and has 10 bedrooms and 11 bathrooms. One of the reasons for its extravagant pricetag is a stunning 54-foot mosaic pool lined with 24-karat gold. Many of the property's rooms are decorated with hand-painted frescoes, Italian marble and stained glass. The property is also decorated with ornate statues, arched doorways and an open air courtyard.

Versace bought the mansion in 1992. He spent $33 million renovating it and adding another wing.

The mansion's current owner is a Miami businessman who bought it in 2000. For several years, the property housed a 10-room boutique hotel. The hotel was closed earlier this year.