A luxury Miami Beach mansion, where Italian fashion designer Gianni Versace lived and died, has been sold for $41.5 million. During an auction held earlier this week, the mansion was sold to a business consortium including the Nakash family, the owner of Jordache Jeans.

The Nakash clan already has an interest in the Victor Hotel, next door to the mansion, and plans to consolidate the two properties to create a hotel. At the end of Tuesday's auction, Joe Nakash announced his intention to ask permission of the Versace family to name the new establishment the Versace Hotel Villa.

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Source: http://zeenews.india.com/