Former Versace Mansion In Miami Beach Auctioned For $41.5M

Sep 17, 2013

The former Versace mansion fetched a top bid of $41.5 million from a group that included New York’s Nakash family, which controls Jordache Enterprises, at a court-ordered bankruptcy auction Tuesday.

Casa Casuarina, the former Versace mansion on Ocean Drive in Miami Beach, still draws frequent tourists to its front entrance. The property was auctioned Tuesday in a bankruptcy proceeding.

After the auction, Joe Nakash, the winning bidder and owner of the Victory Hotel next door, said he plans to ask for the right to use the Versace name and operate the mansion as a hotel in conjunction with the Victor.

Lamar P. Fisher of Fisher Auction Co. conducted the auction Tuesday morning inside the ornate 10-bedroom, 11-bath mansion.

The winning bid came from VM South Beach LLC, which acquired the mortgage on the property in December 2011 from a German bank, WestLB.

VM South Beach’s principals include the Nakash family of New York, which controls Jordache Enterprises, and Gindi Capital, controlled by the Gindi family of New York.

The Nakash and Gindi interests also jointly own the Victor Hotel next door to Casa Casuarina, which gives them a strong motive in bidding.

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