The fashion crowd of the 1990s will be familiar with the opulent Miami mansion that used to belong to Versace’s founder, the late Gianni Versace. Last Tuesday, the sprawling property (fully furnished) was sold for US$41.5 million to investor group, VM South Beach LL, famously beating out business magnate, Donald Trump.
Members of the buying group include the Nakash family of Jordache Enterprises and their purchase comes at no surprise as they also own Hotel Victor next door. The company plans to operate the mansion alongside the hotel’s activities. However, VM South Beach LL has to get approval from the U.S. Bankruptcy Court in Miami and will only be finalised this Wednesday.
Previously, the mansion was owned by telecom mogul, Peter Loftin who leased it out as a boutique hotel till he faced a wave of lawsuits, unpaid property taxes and defaulted mortgage notes.
Gianni Versace stayed at the Versace Mansion for five years till he was gunned down on the mansion’s doorstep in 1997.
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