SOLD for $41.5million! Gianni Versace's former Miami mansion to be turned into a hotel by New York family behind Jordache denim label
- Casa Casuarina in Miami was put up for auction with a starting bid of $16million. The property had originally been on the market for $125million
- The winning bidder was VM South Beach LLC, whose principals include the Nakash family of New York, who control Jordache Enterprises
The new owners of the South Beach mansion where Gianni Versace lived and died said Tuesday that they hope to use the Italian fashion designer's name and legacy in rebranding the property as a hotel.
'We'd like the public to use it, so we're going to create a hotel that will be consolidated with the Victor,' Nakash said. 'We're going to use the name Versace after we receive OK from the family.'
Though the Versace family hasn't owned the oceanfront mansion since 2000, auctioneers hoped the designer's legacy would attract potential buyers.
Celebrities and investors worldwide expressed interest, but in the end, only three bidders emerged, said Lamar Fisher, president and CEO of Fisher Auction Company, which was appointed by a bankruptcy court.
VM South Beach outbid Donald Trump, whose other South Florida real estate holdings include the Mar-a-Lago estate in Palm Beach and Trump National Doral. It also outbid Wellington developer Glenn Straub, who owns the Palm Beach Polo and Country Club.
Trump's son Eric left the mansion without speaking to reporters.
'It's a cash transaction. There are no contingencies on the property,' Fisher said. A bankruptcy judge is expected to approve the deal Wednesday.
Even if the Versace family declines to license their name, Nakash said he planned to honor the designer with a plaque marking where he died.
The designer bought a neglected three-story, Mediterranean-style home, originally built in 1930 by Standard Oil heir Alden Freeman, and a dilapidated hotel next door in 1992 and spent $33 million on renovations. The 23,000-square-foot mansion has 10 bedrooms, 11 bathrooms and an open-air courtyard.
Versace was fatally shot in 1997 by serial killer Andrew Cunanan, who later shot himself as a police search closed in on him.