The Versace Mansion is ready for auction

The former Versace mansion, a landmark in Miami Beach where Gianni Versace was murdered, will be sold at a bankruptcy auction on Sept. 17, according to Lamar Fisher of Fisher Auction Co.

“The sale was just approved in a court hearing” Fisher said Tuesday afternoon.

The sale will take place at 10 a.m. at the mansion, now called Casa Casuarina. The auction will be held live at the mansion, and prospective bidders must escrow $3 million with the owner’s law firm, Marshall Socarras Grant in Boca Raton, and demonstrate proof of $40 million in funds, far under the house’s latest asking price of $75 million.

To qualify, bidders must escrow $3 million with the owner’s law firm, Marshall Socarras Grant in Boca Raton. In addition, bidders will have to show proof of funds of $40 million, Fisher said.

The mansion has been listed at $75 million for several months. The majority owner, businessman Peter Loftin, has battled a foreclosure action by a company owned by the Nakash family of Jordache jeans fame.

The Nakash company, VM South Beach, bought a note from Loftin’s original lender. The mortage is listed at $30 million in bankruptcy filings.

Fisher said VM South Beach will have a credit bid because it owns the note, which could put it in the driver’s seat. But Fisher said the value of the credit bid is yet to be determined by U.S. Bankruptcy Judge Laurel Isicoff.

source: bizjournals.com

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