Peter Loftin bought the property for $19 million in 2000, three years after the fashion icon was shot to death on the front stairs by Andrew Cunanan.
Loftin turned the 20,000-square-foot mansion into a luxury hotel that costs $35,000 -- or $1,000 a night -- to join.
Kevin Osterhaus manages the mansion for Destination Club Management, which is considering a plan to build suites near the pool and courtyard, the Miami Herald reported.
Osterhaus said the plan would not alter Versace's original design of the estate. Although the mansion is along Miami Beach's historic district, that particular building is not considered to be historic.
The 12-bedroom, 13-bath home was built in 1930 to look like the 1510 residence of a son of Christopher Columbus, The Herald said. Versace bought the rundown building in 1992 and gutted it.