Versace Home Sold at Auction for $41.5 Million

For the past year, the Miami Versace mansion has sat on the sale block.  However, the wealthy house hunters and investors did not pull out their checkbooks until yesterday.  This famous celeb home went to auction and sold for $41.5 million.  VM South Beach LLC, an investor group, is the new proud owner of the mansion.

VM South Beach LLC’s principals include the Nakash family of New York.  They also control the Jordache Enterprise (Jordache Jeans).  The interested party already held the mortgage on the property.

Joe Nakash, chairman of Jordache Enterprises, said he plans to retain all the relics of Gianni Versace’s time (1990s) spent in South Beach.  This includes some of the features like:

• Snake-haired Medusa heads
• 54-foot swimming pool lined with 24-karat gold tiles
• Bathroom fixtures gold-plated
• Custom-made mosaic flooring and frescos

The Auction

Fisher Auction Company orchestrated the Versace mansion auction.  The auctioneers hoped that the legacy of the designer would attract celebrities and investors worldwide.  However, only three bidders showed up.  The other two bidders included Donald Trump and Glenn Straub.

Glenn Straub is a Wellington developer who owns the Palm Beach Polo and Country Club.   Donald Trump was the second highest bidder at $41 million.  If the deal falls through with VM South Beach LLC, Donald Trump could get the property.