After more than a year on the market, Miami’s Versace mansion finally sold for $41.5m (€30.67m) — an $83.5m drop from the original $125m listing price.
The infamous property was bought by the Nakash family, owners of iconic ’80s denim brand Jordache. The Nakash’s company, VM South Beach, is the chief creditor in the mansion’s foreclosure case.
The Versace Mansion had trouble finding a buyer from the start. Originally listed for $125m in Jun 2012, the home was the most expensive in America at the time.
A few months later, however, its price was chopped to $100m, then $75m, and finally put up for bankruptcy auction.
The Nakash family reportedly plans to turn the storied mansion into a boutique hotel bearing Versace’s name.
Fashion designer Gianni Versace originally bought the home in 1992 for $10m, and invested $33m into the property, adding a 6,100sq ft wing, 54ft-long mosaic-tiled pool (lined with 24carat gold), and frescoes. The 23,000sq ft mansion has 10 bedrooms, 11 bathrooms and an open-air courtyard.
The designer was murdered outside the property in 1997 by Andrew Cunanan.
Tourists and fans still flock to take pictures on the steps where he died, which could explain why the estate had so much trouble finding a buyer.
Joe Nakash, chairman of Jordache Enterprises, said he expects to retain all the vestiges of Versace’s time in South Beach.
“We’re going to keep it the way it is,” he said.
Jordache Enterprises owns five hotels in Miami Beach, including the Hotel Victor next door.
VM South Beach outbid Donald Trump, whose other South Florida holdings include the Mar-a-Lago estate in Palm Beach and Trump National Doral. It also outbid Wellington developer Glenn Straub, who owns the Palm Beach Polo and Country Club.
Even if the Versace family declines to license their name, Nakash said he planned to honour the designer with a plaque marking where he died.