Built in 1930 and purchased by the world-renowned designer in 1992, the 10-bedroom, 23,000 square-foot mansion is headed for auction this September.
According to Forbes, Casa Casuarina was listed as once listed of America's most expensive homes (at $125 million).
Earlier this summer, the extravagantly decorated mansion went into Chapter 11 bankruptcy after former owner, Peter Loftin, tried and failed to turn the home into a profit-making property with a hotel, restaurant and private club.
Loftin brought in several men to help turn the property around, including Scott Rothstein, who is currently serving 50 years in prison for operating a $1.2 billion Ponzi scheme.
Fisher Auction Company, headed by Lamar Fisher, said only buyers who are able to pay a $3 million deposit will be able to participate in the auction.
Casa Casuarina's lucky buyers will be able to enjoy the home's most notorious amenity, a pool lined with 24-karat gold.
2014: The Year in Music [PHOTOS]