Versace Mansion to be Converted to Hotel
The former estate owned by fashion designer Gianni Versace, who was gunned down on the front steps in 1997 was sold at auction to the Nakash Family of Jorache Jeans. The new owners plan to preserve the Mediteranean themed estate and have quelled rumors of a major renovation or possible tear-down.
Prior to being sold at auction, the South Beach Baroque-style oceanfront estate was listed for sale by Coldwell Banker in Miami with an asking price of $125Million and subsequently reduced to $75Million.
After lenders foreclosed, the property was sent to auction.
Despite the notoriety of the property and an all out global marketing campaign, there were only two other bidders at the auction.
One of the bidders was real estate tycoon Donald Trump, who is redeveloping an 800-acre golf course property once known as the Doral Resort & Spa in Doral, Florida.
It will be exciting when the commoners will be allowed entrance into the posh land mark estate near all the restaurants and clubs of famous South Beach Ocean Drive.