The American mansion of Italian designer Gianni Versace is going up for auction, and is expected to top $US125 million when it does.

Australian mining magnates and others who count themselves amongst the über-rich may be interested in the 1116 Ocean Drive property, but it is not for reserved tastes.

Last time a sale was planned, the 2135 square monument to extravagance was listed for over a hundred million US-dollars. The 10-bedroom, 11-bathroom, mansion was built in 1930. Its opulence (bordering on gaudiness) is well-known, especially the 16.5m-long mosaic pool lined with 24-karat gold.

The site gained international attention in 1997 when Versace was shot and killed in front of the property, after living in the house for 5 years and spending $US33 million on renovations. It had been used as a ten-room boutique hotel until this year.