The opulent Miami Beach villa where the fashion designer Gianni Versace was murdered in 1997 Has been sold for $41.5 million. The furnished Miami Beach property sold to VM South Beach LLC, a group led by investor Joe Nakash. Rival offers were made by tycoon Donald Trump’s son Eric Trump and Glenn Straub, owner of the Palm Beach Polo and Country Club. The auction lasted less than twenty minutes and was held in the grounds of the mansion on South Beach.
Bidding for the villa, which is called Casa Casuarina and has 10 bedrooms and 11 bathrooms, started at $25 million in an auction ordered by the US bankruptcy court. It was estimated to sell for around $50 million. The mansion had been previously listed for $125 million but failed to find a buyer. This ‘Crown Jewel of Ocean Drive’ is one of the most coveted trophy properties in the resort and is recognised for its elegance and style. The home is preserved and maintained with all of Versace’s design elements, making Casa Casuarina a one-of-a-kind property, a piece of history, in an iconic area frequented by the rich and famous.
The house and outbuildings had been previously sold by the Versace estate after the designers death in 1997. It was later renovated into into a boutique hotel, but the hotel was unable to make a profit. An auction has now been scheduled for September 17. The Fischer Auction Company which is handling the sale have stated that the property consists of an Ocean-front Estate Built in 1930. It has 10 Bedrooms / 11 Bathrooms 19,500+/- SF Lot on World Famous Ocean Drive, directly facing the Atlantic Ocean, Lavish Appointments, Luxury-laden, 54 Foot Long, Mosaic-tiled, 24K Gold-Lined Pool, Domed Ceiling, Curved Windows, Hand-painted Walls and Ceiling Frescoes, Located in the Heart of Miami Beach’s famed Art Deco District. It is understood that the property is available for Commercial or Residential usage. Versace purchased the home in 1992 for $2.9 million but sold it to Peter Loftin for $19 million after the death of the iconic fashion designer. It will now be developed into an exclusive boutique hotel.