Versace, a famous Italian fashion designer, was shot to death by spree killer Andrew Cunanan in Miami in 1997.
A collection of 500 items, including furniture, statues and paintings, from Versace's Lake Como home, are being auctioned off by Sotheby's, The Western Mail of Wales reported.
The possessions are expected to fetch about $2.9 million.
Among the items being sold is Lucien Francois Penet's 1899 rendering of Patti, who lived in the Welsh town of Swansea. Versace family members told the Mail Patti appealed to the designer because she, like he, rose from humble beginnings and eventually enjoyed fame and fortune.
The newspaper said the Patti portrait is expected to sell for $5,700 as part of a lot of antique miniatures.