MIAMI BEACH (CBSMiami/AP) – The posh South Beach mansion once owned by Italian designer Gianni Versace may be used to showcase new art in the future.

Last month, VM South Beach LLC won the Ocean Drive property with a bid $41.5 million. The sale closed on Thursday.

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VM South Beach also owns the Hotel Victor next to the mansion. The company’s principals include the Nakash family of New York, which controls Jordache Enterprises.

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The real estate agents say the chairman of Jordache Enterprises is considering using the mansion for an exhibition in early December, when thousands of people flock here for Art Basel Miami Beach and about two dozen other contemporary art fairs.

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