Versace mansion could become a high-end retail location

Jordache Enterprises which it acquired at auction for $41.5 million last week is considering a plan to convert the former Versace mansion which could use as hotel as an interim move before before a retailer location.

Jon Bennett, the director of real estate for Nakash Holdings, said converting part of the property into retail space is an attractive idea. “It’s very important to us to take the community and the unique nature of the property into account as we decide what we think what will be the best use for it,” Bennett explained. Also said architects and designers are working on plans now. It’s possible the home could become a hotel or remain an event space. He mentioned an Apple Store as a potential occupant.

“They’ve been really creative in terms of the stores that they’ve been able to construct,” Bennett told CBS 4′s Lauren Pastrana in a phone interview. “I can imagine them doing something really creative there. You know, somehow blending the new with the old.”  Lyle Stern, president of the Koniver Stern said converting the mansion into a retail location could work as long as respecting the historical nature of the mansion and the outlying Art Deco district.

Jordache Enterprises mogul Joe Nakash which acquired the mansion at a Sept. 17 auction through an affiliate called VM South Beach, could use the property as a hotel as an interim move before bringing in a retailer like Apple or Victoria’s Secret, according to Jon Bennett, director of real estate at Nakash Holdings in New York.

Meantime, The Nakash family would seek to license the Versace name to be able to turn the storied property into a Versace hotel. They are exploring  the idea to open up the mansion in combination with their adjacent Hotel Victor, which has undergone a multimillion-dollar renovation and now operates under the name Thompson Ocean Drive.

The 23,000-square-foot, 10-bedroom mansion at 1116 Ocean Drive, originally known as Casa Casuarina, was first listed for $125 million, but then saw the price drop to $75 million.

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