One of America's Most Expensive Houses Auctioned in Miami

Miami's famed Versace Mansion fetched $41.5 million at auction after bidding by two heavy hitters. It was a match between Donald Trump and Joe Nakash. Can you guess who won?

Image Source: Coldwell Banker Residential Real Estate Located on Miami Beach’s famous Ocean Drive in South Beach, Fla., this is truly a one-of-a-kind property. Officially named Casa Casuarina, it’s more commonly known as the “Versace Mansion” because it was previously owned by late Italian fashion designer Gianni Versace.

And the winner is ...

New York's Nakash and Gindi families, who own the Hotel Victor next door. Joe Nakash, chairman of Jordache Enterprises, said that his group wants to operate the mansion as a boutique hotel under the Versace name. The hotel would operate in tandem with the art deco-style Hotel Victor, which recently underwent a massive renovation.

Trump said it was no big deal that he didn’t get the iconic mansion. “We sort of thought it was a $25 million property,” he told the Miami Herald. “I thought it would be a nice little retreat, but nothing very important.”

The 10-bedroom Mediterranean-style estate on Ocean Drive is officially known as Casa Casuarina, but most people still refer to it as the Versace Mansion. The Italian fashion mogul was shot to death on the steps of the property in 1998. 

The lavish mansion was originally listed for $125 million and was a regular fixture on FORBES’ list of America’s most expensive homes for sale. The winner bought the house for $41.5 million, a 67 percent discount off the original asking price. 

Donald Trump sent his son, Eric Trump, to bid on his behalf at the court-ordered bankruptcy sale. Bidding as high as $41 million, the Trumps lost, but in the unlikely event the top bidders don't follow through on the all-cash deal, he'll be the backup bidder. 

If the new owners can come to an agreement with the Versace brand, there's a chance the property could end up with the Italian designer's name once again.  

Read more about the Versace Mansion on HGTV's Frontdoor.com

Versace Mansion on Miami Beach Hits the Auction Block

Advertisement

Zillow Real Estate Search


What do you think?

See Also