Versace Mansion
Lives On as Restaurant, Hotel

Tourists who've long frequented the steps of the Ocean Drive mansion in Miami's South Beach where famed fashion designer Gianni Versace was shot and killed in 1997 are now facing competition for their photo op. The mansion, purchased for an astounding $19 million in 2000, is now the location of a high-end restaurant.

Telecom tycoon Peter Loftin has worked for the past several years preparing the opening of 1116 Ocean, a 120-seat restaurant and 10-room high-end boutique hotel. Rooms go for $5,000 per night, according to the New York Post.

When Loftin first snapped up the property in 2000, he had planned to open an exclusive boutique hotel. After 9/11, when the economy took a downturn, Loftin waited, renting out the hotel for the occasional private party and planning his next move.

Loftin told The [London] Independent in 2004 he was moving forward with plans to reopen the Versace mansion later that year, which was redubbed the Club at Casa Casuarina. The club then operated as an exclusive membership getaway to a select crowd. (The Advocate)