Versace's former Miami Mansion Will Be Modified Into Hotel
Source: http://www.reuters.com
One of America's landmark homes, the Miami Beach mansion that once belonged to Italian fashion designer Gianni Versace, was sold at an auction for US$ 41.5 million to a business group that includes the owners of the Jordache jeans brand, reported Reuters news agency.
The 1930s-era Mediterranean-style estate, which has 10 bedrooms, 11 bathrooms and a pool inlaid with 24-karat gold, was auctioned off as part of a bankruptcy proceeding by its current owner, telecom magnate Peter Loftin.
Bidding opened at US$ 25.5 million and the winning offer was made by the current mortgage holders of the property, VM South Beach, a company affiliated with New York's Nakash family, which controls Jordache Enterprises. The Nakash family jointly owns a hotel next door to the mansion with the Gindi family, who founded the Century 21 department store chain. They plan to consolidate the properties to create a hotel that will possibly carry Versace's name. Joe Nakash told reporters he planned to ask Versace's family for permission to name the new property the Versace Hotel Villa.
The 2,137 square meter mansion, replete with hand-painted frescoes, Italian marble and a gold-and-marble toilet, has been the subject of a long legal battle.
In 1997, Versace was gunned down at the mansion's entrance gate by serial killer Andrew Cunanan. Three years later, Versace's family sold the property to Loftin, who is now facing bankruptcy and who had been trying to sell the house for more than a year.
Versace bought the property in 1992 for US$ 2.9 million. He then purchased a hotel next door and spent US$ 33 million on renovations to add another wing. Inside, he decorated with an over-the-top style that included paintings of Grecian, nymph-like characters playing lyres under palm trees. The snake-haired Medusa head, Versace's logo, can be seen throughout the house.
The 1930s-era Mediterranean-style estate, which has 10 bedrooms, 11 bathrooms and a pool inlaid with 24-karat gold, was auctioned off as part of a bankruptcy proceeding by its current owner, telecom magnate Peter Loftin.
Bidding opened at US$ 25.5 million and the winning offer was made by the current mortgage holders of the property, VM South Beach, a company affiliated with New York's Nakash family, which controls Jordache Enterprises. The Nakash family jointly owns a hotel next door to the mansion with the Gindi family, who founded the Century 21 department store chain. They plan to consolidate the properties to create a hotel that will possibly carry Versace's name. Joe Nakash told reporters he planned to ask Versace's family for permission to name the new property the Versace Hotel Villa.
The 2,137 square meter mansion, replete with hand-painted frescoes, Italian marble and a gold-and-marble toilet, has been the subject of a long legal battle.
In 1997, Versace was gunned down at the mansion's entrance gate by serial killer Andrew Cunanan. Three years later, Versace's family sold the property to Loftin, who is now facing bankruptcy and who had been trying to sell the house for more than a year.
Versace bought the property in 1992 for US$ 2.9 million. He then purchased a hotel next door and spent US$ 33 million on renovations to add another wing. Inside, he decorated with an over-the-top style that included paintings of Grecian, nymph-like characters playing lyres under palm trees. The snake-haired Medusa head, Versace's logo, can be seen throughout the house.
