In 1992 it was purchased by Gianni Versace to become his residence in South Beach. He restored and expanded the building by adding a south wing and a pool. Versace completely redecorated it. A lot of famous people stayed in the house. On July 15, 1997 Versace was killed in front of this house by Andrew Cunanan.
In 1999 Barton G. Weiss took over the mansion to convert it into a hotel, restaurant and event location.