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Nakash Family Buys Versace Mansion

The family behind Jordache Enterprises appears to have finally prevailed in its quest to purchase Casa Casuarina.

A view of Casa Casuarina, the mansion formerly owned by Gianni Versace purchased by the Nakash family.

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.

This story first appeared in the September 18, 2013 issue of WWD.  Subscribe Today.

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.”