Now You Can Own the Former Versace Mansion


South Beach Versace Mansion

The former Versace mansion is going to be auctioned on the 17th of this month in U.S. Bankruptcy Court. Real estate developer Glenn Straub owns the Palm Beach Polo & Country Club, and he is preparing to bid on the estate.           


This fantastic South Beach luxury real estate has 10 bedrooms and 11 bathrooms and is located at 1116 Ocean Drive in Miami Beach where the auction will be held. In order to participate, Straub filed a notice of appearance with the court on the 13th of this month on behalf of Pam Beach Polo.


To be able to be a participant in the auction, Straub needed to offer a $3 million deposit and demonstrate that he has the means to pay at least $40 million for this glorious example of Miami waterfront luxury homes. Straub’s attorney Luis Salazar stated that Straub was able to meet these conditions on Friday.


Salazar announced on Straub’s behalf that his client “has tremendous financial strength to bid.”


VM South Beach, LLC is the debt holder on this South Beach real estate, and the owners have already placed their own stalking-horse bid of $25 million on this very property. This means that the minimum bid will be $25 million. The property for sale includes the mansion as well as the furniture within.


Currently, Peter Loftin owns this particular Miami real estate through Casa Casuarina, LLC, but the company’s creditors were seeking to have a receiver appointed. To prevent this from happening, Loftin entered into Chapter 11 bankruptcy proceedings on July 1 of this year, and his creditors gave their consent to the sale of the house.


In December of 2011, German Bank WestLB sold the property’s mortgage to VM South Beach, LLC, and this company has an important reason to desire the property. The Nakash family of New York controls Jordache Enterprises, and it is affiliated with the former Versace estate. The Victor Hotel is located right next to the property, and the Nakash family has an interest in the hotel.


Reporters tried to obtain a statement from Straub, but he couldn’t be reached. However, a spokeswoman at the law firm representing him was available for comment. She stated that Straub was very familiar with bankruptcy proceedings. According to the spokeswoman, Straub has been able to acquire several new properties and enter into many projects through bankruptcy proceedings throughout the nation. Just one is the St. Lucie Tesoro Club that is currently worth $400 million.


Straub proposed the winning bid for the Miami Arena in 2004, and people were very surprised that he was able to do so. He succeeded in selling the property in 2012.


In 1997, the Italian designer Gianni Versace was shot while on the steps of his home. In 1992, the estate was a dilapidated apartment building when Versace purchased it. Coldwell Banker has been marketing the home for the Fisher Auction Company, and executives stated that Versace invested in excess of $33 million to improve the estate.      

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