The property, located on the city?s popular Ocean Drive, was bought by VM South Beach LLC, a company affiliated with New York?s Nakash family, which owns Jordache Enterprises, for $41.5 million (?26m).
The Mediterranean-style mansion has 10 bedrooms, 11 bathrooms and a swimming pool with 24-carat gold decoration.
The property was auctioned off as part of a bankruptcy proceeding by its current owner, the telecoms magnate Peter Loftin,?according to Reuters.
Jordache Enterprises outbid Donald Trump, the property magnate, and a Florida developer who owns the Palm Beach Polo and Country Club.
The Nakash family also part-owns a hotel next door to Versace?s former home.
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