Casa Casuarina, the elaborate former estate of Italian fashion designer Gianni Versace, will be sold to the highest bidder in a closed-door auction to take place within its frescoed walls.
The palatial Mediterranean-style mansion was initially listed for $125 million but reduced to auction amid a foreclosure on the property and ties to a convicted fraudster.
Despite a worldwide marketing campaign, the estate of the late fashion designer Gianni Versace netted only three bidders — Donald Trump, who is redeveloping an 800-acre golf course in Doral; Palm Beach Polo and Country Club owner Glenn Straub and VM South Beach, owned by the Nakash family of Jordache jeans fame, according to the Miami Herald, citing unnamed sources.
The requirements of the auctioneer, Miami-based Fisher Auction Co., were a $3 million deposit placed in escrow and proof of at least $40 million in liquid assets.
VM South Beach is the chief creditor in the foreclosure case against the mansion’s owner, Peter Loftin. As such, the family took advantage of an option to make a stalking horse bid of $25 million, and are able to bid up to $34 million without putting up any additional cash based on what a court says they are owed.
The house is selling replete with the furnishings, stain glass and mosaic arranged in the eccentric, baroque style of Versace. Features include a 24-karat gold-lined swimming pool and a guest suite fitted out for once frequent visitor Madonna. The property was initially listed by the Jills, a Coldwell Banker brokerage headed by Jill Eber and Jill Hertzberg, for $125 million, and the price was reduced twice before parties agreed to an auction in July.
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/fZIleEUGXkE/
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