The family behind Jordache Enterprises appears to have finally prevailed in its quest to purchase Casa Casuarina, the Miami Beach mansion-turned-hotel where designer Gianni Versace lived for five years before being killed there in 1997.
Through its investment vehicle VM South Beach LLC, the Nakash family acquired the mansion for $41.5 million, beating out a $41 million bid from Donald Trump, at a bankruptcy auction held in Miami Tuesday. The deal requires approval from the bankruptcy court, which will consider the matter at a hearing this morning.
VM includes members of the Nakash and Gindi families and controls the Victor Hotel next door to the mansion. VM held a $25 million note on the property. Although the opulent 23,000-square-foot mansion, located at 1116 Ocean Drive in South Beach, had been listed for $125 million before the price was lowered to $100 million, bidding at the auction started at $25 million.
Versace bought the mansion in 1992 for less than $3 million and put about $33 million into it. The Versace family sold the edifice, which dates back to Peter Loftin, for $19 million in 2000.
Steven Nakash, who supervises marketing at Jordache and oversees the family’s insurable assets worldwide, told WWD, “The home was created long before the Versace family had it, but it’s Versace that made it famous. We’re looking into using the Versace name and intend to speak to the family and see what they have to say about that. We would love to have a collaboration with them and pay proper homage to Gianni.”
A protracted legal dispute with Loftin, who claimed the Nakash note was invalid, had left the property in bankruptcy and put the fate of the mansion in the court’s hands.
“We’ve waited a long time for this day,” said Nakash, son of Jordache cofounder Joe Nakash. “This is a very delicate property and a very special property. People take more pictures in front of it than they do the White House because they can’t get in. We want people to be able to enter and see it. A lot of different concepts are on the table. Right now, we’re talking about a hotel and a hotel only, but we’re a creative bunch and we’re throwing around ideas for a magnificent retail concept.”
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)