The Versace Mansion in Miami Sold for Over $41 Million

December 25, 2013

An incredibly famous landmark in Miami, the Versace Mansion was sold in the fall. It has sat on the sale block for over a year, which is very uncommon in the current real estate market. However, for a home that fetched $41.5 million, it’s easy to see why it took so long to find the right buyer.

This Ocean Drive estate has been called the Casa Casuarina and was once owned by Gianna Versace. It had been shopped around in the commercial real estate field and with some of the more wealthy home buyers with very little luck. Originally, the idea was to offer the home as either a commercial venue or a single-family residence, depending on what the buyer preferred.

Many expected the Versace Mansion to break records and sell for over $47 million, but this didn’t happen. If it had, it would have become the most expensive home ever sold in Miami.

However, the home sold for a disappointing $41.5 million, which was considered a huger 67% discount compared to what the original asking price was. When the home was first listed in June of 2012, it had a price tag of $125 million. It also spent quite a bit of time on the FORBES’ list of the most expensive home in America.

The home was auctioned off by Fisher Auction Company and the winning bid came from VM South Beach, LLC. The buyer is an investor group that held the mortgage on the property. This group included the Nakash family, which are most famous for Jordache jeans.

VM South Beach outbid Donald Trump by $500,000 and they expect to turn this iconic property into a hotel. They also own the Hotel Victor, which is found next door to the property.

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