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The 23,000-square-foot mansion, will go on the block at a bankruptcy auction on September 17, according to Lamar Fisher, president of the Fisher Auction Company. The auction will be held at the mansion.

Located on Ocean Drive property has been up for sale for over a year with an initial asking price of $125 million. The price was dropped to $75 million several months ago.

“This is the trophy property of the century,”

Fisher said.

Built in 1930, the 10-bedrooom, 11-bathroom home has a 54-foot (16-meters) mosaic pool lined with 24-karat gold. Many of the property’s rooms are adorned with hand-painted frescoes, Italian marble and stained glass.

In 1997, the famous designer was shot dead on the doorstep of the house by a man who later committed suicide.

The mansion’s current owner is a Miami businessman who bought it in 2000. For several years, the property housed a 10-room boutique hotel. The hotel was closed earlier this year.