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Versace's mansion sells for knock-down price of $41m

18 September 2013 Last updated at 15:04 BST

The former home of the murdered fashion designer Gianni Versace has been sold at auction in Miami for just over $41m (£26m), about a quarter of the original asking price.

It was on the front steps of the Ocean Drive mansion that the Italian designer was shot dead in 1997 as he returned from a morning stroll.

One of the new co-owners, Joe Nakash, said he would install a plaque in honour of Mr Versace.

Tom Bayly reports.