Miami mansion finally sold for $41.5 at auction

The Versace mansion finally sold for $41.5 at auction, now reopen to be turned into a hotel by New York family behind Jordache denim label.

The mansion has been officially named Casa Casuarina for more than a decade, operating first as a private club and then as a boutique hotel until earlier this year. But locals still refer to it as ‘the Versace mansion as we called it in a previous post.

It was initially listed for sale at $125 million last year. The asking price dropped to $75 million by June, and Nakash, a spokesman for the family said he had been prepared to offer that much for the property.
Despite a worldwide marketing campaign, the estate of the late fashion designer Gianni Versace netted only three bidders — Donald Trump, who is redeveloping an 800-acre golf course in Doral; Palm Beach Polo and Country Club owner Glenn Straub; and VM South Beach, owned by the Nakash family of Jordache jeans fame. Finally the property, located on the city’s popular Ocean Drive, was bought by VM South Beach LLC, a company affiliated with New York’s Nakash family, which owns Jordache Enterprises, for $41.5 million (£26m).

The property was auctioned off as part of a bankruptcy proceeding by its current owner, the telecoms magnate Peter Loftin.
Joe Nakash, said: “Everything will stay as it is. We’d like the public to use it, so we’re going to create a hotel that will be consolidated with the Victor (the hotel next door). We’re going to use the name Versace after we receive the okay from the family,’ Nakash added.

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