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What Is Gianni Versace’s Net Worth?
At the time of his tragic death in 1997, Gianni Versace’s net worth was estimated to be $1 billion. This substantial net worth was primarily built through his highly successful fashion empire, which he started in 1978 with the opening of his first boutique in Milan’s Via della Spiga.
Versace’s Fashion Empire: A Detailed Look
Versace’s initial success stemmed from his bold and vivid designs, a stark contrast to the prevailing minimalist styles of the time. His unique vision quickly garnered attention and attracted a celebrity clientele, including figures like Princess Diana, Madonna, Elton John, and Cher. He chose the image of Medusa, a Greek mythological figure, for the company logo, symbolizing the captivating effect he hoped his clothing would have on people. His brand was valued at over $807 million at the time of his death, and there were plans for an IPO, which was predicted to value the company at several billion dollars before his death. In 1995, Gianni Versace paid $7.5 million for a 17-room New York City townhouse.
Versace’s company structure involved key roles for his siblings. Donatella Versace served as the vice president and creative director, while Santo Versace took on the role of president. A notable innovation was Oroton, a lightweight chainmail material that became a signature element in many of his designs. Versace was also known for his feminine approach to clothing design, even in menswear. He opened 130 boutiques all around the world.
The brand expanded into textiles, home furnishings, and jewelry in 1982. In 1989, he launched Atelier Versace, focusing exclusively on haute couture designs. Versace is also credited with popularizing the concept of the “supermodel,” helping to launch the careers of Christy Turlington, Linda Evangelista, and Naomi Campbell.
His designs were not limited to his own brand; Versace also designed costumes for theater and stage productions. He collaborated with the La Scala Theatre Ballet in Milan and designed costumes for Béjart Ballet productions and the San Francisco Opera. Additionally, he designed wardrobes for musicians like Michael Jackson, Paul McCartney, and Elton John.
Post-Gianni Versace Era: Changes and Acquisitions
Following Gianni Versace’s death, his siblings, Santo and Donatella Versace, along with Gianni’s partner, Jorge Saud, assumed leadership roles within the company. Santo and Jorge became the CEOs, while Donatella took charge of the design department. In 2014, Versace sold a 20% stake in the firm to private equity firm Blackstone, which valued Versace at roughly $1.4 billion.
On September 25, 2018, Michael Kors Holdings acquired Versace for $2.2 billion. This acquisition marked a significant shift in the ownership and direction of the Versace brand. Estate Inheritance Upon his death, Gianni left a 50% stake in his company to his niece Allegra Versace who was 11 years old at the time. His brother Santo inherited 30%, and Donatella inherited the remaining 20%.
Gianni Versace’s Early Life and Career Beginnings
Born on December 2, 1946, in Reggio Calabria, Italy, Gianni Versace was exposed to fashion through his mother, Francesca, who worked as a dressmaker. He studied Latin and Greek at Liceo Classico Tommaso Campanella and developed an interest in ancient Greek history. Before fully committing to fashion, he apprenticed with his mother, learning the fundamentals of clothing creation alongside other seamstresses.
At the age of 26, Versace moved to Milan to pursue a career in fashion. He began designing for the ready-to-wear brand Genny, where he designed the “Byblos” line, targeted towards a younger audience, and “Complice,” an experimental line.
Gianni bought his Miami mansion in 1992 for $2.95 million. He proceeded to perform a major renovation, converting it from a hotel back to a private residence. A year later, he paid $3.7 million for the Revere Hotel immediately next door. He tore this property down to make a pool and garden area.
Personal Life, Relationships, and Real Estate
Versace had a close circle of celebrity friends and maintained an active social life. In 1982, he began a long-term relationship with model Antonio D’Amico. Gianni was a devoted uncle to his brother’s and sister’s children.
In 1995, Gianni Versace paid $7.5 million for a 17-room New York City townhouse. The six-floor home has 14,000 square feet of living space. The home’s fifth floor has a game room and media room. In 2005, the Versace family sold the mansion to a Swedish hedge fund manager for $30 million. Miami: Obviously, Gianni Versace’s most famous piece of real estate was his Miami mansion. Gianna was murdered on the steps of this mansion on July 15, 1997. Gianna bought his Miami mansion in 1992 for $2.95 million. He proceeded to perform a major renovation, converting it from a hotel back to a private residence. A year later, he paid $3.7 million for the Revere Hotel immediately next door. He tore this property down to make a pool and garden area. Business Telecom founder Peter Loftin bought the home in 2000 from the Versace estate for $19 million. Peter re-re-converted the property back into a hotel/restaurant/event space. In 2013, the property was purchased by a Florida-based hotel firm. Today, the home is a luxury hotel called The Villa Casa Casuarina.
Versace’s Death and Legacy
Gianni Versace was murdered on July 15, 1997, at the age of 50, in front of his Miami Beach mansion by Andrew Cunanan, a serial killer. Cunanan committed suicide eight days later. Versace was cremated and buried in a family vault near Lake Como in Italy. His funeral in Milan was attended by over 2,000 people, including Elton John and Princess Diana. He was shot at point-blank range in the head and pronounced dead at the hospital shortly after.
