Gianni Versace turned a neglected oceanfront Miami Beach mansion into a work of art. Now the mansion's new owners might use its ornate interiors to showcase new art.

VM South Beach LLC bid $41.5 million last month for the Ocean Drive property. The Miami real estate agents who collaborated with an auctioneer on the sale say the deal officially closed Thursday.

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

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.