The famous Casa Casuarina that once belonged to late fashion mogul Gianni Versace, founder of couture brand 'Versace', reportedly sold for $41.5 million in the auction held September 17, 2013. The residence went to VM South Beach LLC who won the bid to purchase it. A court will approve the sale of the mansion Wednesday, according to several media sources.
VM South Beach LLC is a group controlled by owners of the Jordache Enterprise, the famous apparel company, which also runs a few hotels in America. Apparently, the group had held interest in the property for a very long time. It took over the $30 million mortgage from its original lender. However, owner Peter Loftin declared bankruptcy and it was decided that the home would be auctioned. The bidding affair was a very private one. It was closed to the public and media.
VM South Beach Group had put in a $25 million bid, weeks before the official auction happened. It was set as the minimum price of the property. The bidding started with increments of $500,000.
According to the Miami Herald, many big shots had attended the auction. Among the star bidders was Donald trump's son, Eric Trump. Eric bid the second winning offer ($41 million) for the residence. If the Trump family snagged the property, they planned to use it as a holiday home.
The Beckhams, who were speculated to be vying for the prized property, were absent at the auction.
Joe Nakash, the principal of the winning group said that they hope to convert the property into a luxury hotel. They are also planning on using the Italian designer's name in its rebranding process, reports The New York Daily News.
"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 that sits right next to the Versace mansion). We're going to use the name Versace after we receive OK from the family," Nakash told reporters.
The Versace Mansion was first listed in 2012 for $125 million and then received a price-chopper to drop to $75 million in May 2013.
Read more on the property, here. Also, tour the mansion in pictures, here.
