(CNN) -- The former Miami Beach mansion of Italian fashion designer Gianni Versace sold for $41.5 million Tuesday, an auction company said.
Fisher Auction Company and the Jills, a Coldwell Banker Residential Real estate team, announced the sale of the Casa Casuarina, formerly the Versace Mansion.
Auctioneer Lamar Fisher said the buyer was Joe Nakash, whose family owns the Jordache denim brand. The family also owns the Victor Hotel next door and they told Fisher that they plan on turning the mansion into a boutique hotel.
Donald Trump -- the real estate magnate and TV personality -- placed the second highest bid on the mansion at $41 million, according to Rhona Graff, a senior vice president at the Trump Organization.
Versace was shot dead outside the mansion in 1997. He purchased the property five years earlier and invested $33 million on expansions including a 54-foot mosaic pool lined with 24-karat gold.
"We are very pleased to have had the opportunity to manage the sale of this iconic property," Fisher said. "This beautifully appointed estate drew significant attention from prospective buyers from around the world."
Jill Hertzberg of The Jills called the property the "crown jewel of Miami."
"Jill Eber and I are delighted that we were able to be a part of this once-in-a-lifetime sale," she said.