Casa Casuarina is perhaps better known as the Versace mansion
The Versace mansion will go to bankruptcy auction on Sept. 17, Jill Eber of the Coldwell Banker team The Jills told The Real Deal.
The Jills are working with Lamar Fisher of Fisher Auction. Bidders will need to deposit $3 million into escrow and show proof of funds of $40 million, Eber confirmed.
The sale will take place at 10 a.m. at the mansion where fashion designer Gianni Versace was gunned down — now known as the Casa Casuarina.
The mansion has been listed at $75 million for several months, after dropping the asking price from $125 million. The majority owner, telecom mogul Peter Loftin, has battled a foreclosure action by a company owned by the Nakash family, the founders of Jordache jeans.
Convicted Ponzi schemer Scott Rothstein admitted to funneling millions through his firm to acquire a 9.99 percent stake in the 19,000-square-foot property in 2009 and more to later keep the property running, wiring the money to Loftin’s Luxury Resorts LLC.
VM South Beach, a Nakash investment vehicle, bought a note in the storied house where Madonna was a frequent guest from Loftin’s original lender.
VM South Beach will have a credit bid, but the value is yet to be determined by U.S. Bankruptcy Judge Laurel Isicoff. –Emily Schmall
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/hU9SZueM3og/
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