Versace Mansion sold

Old Sep 17, 13, 5:16 pm
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Versace Mansion sold

The Versace Mansion, which operated as a boutique hotel apparently until May 31 of this year, has been sold at auction. The new owner, from Jordache jeans, also operates the Victor Hotel next door and plans to operate the Versace Mansion as a boutique hotel also.

One of the other bidders was the son (Eric) of Donald Trump. IIRC the young Trump and his partner bid $40 million and wanted to make it into a club associated with their polo/golf club while the winning bid was $41.5 million. The original asking price was $75 million, which was lowered at least once before putting the property on the auction block.
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Old Sep 17, 13, 7:36 pm
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http://www.oregonherald.com/news/sho...rsace-home.htm
"We're going to keep it the way it is...We'd like the public to use it, so we're going to create a hotel that will be consolidated with the Victor,"
new owner >
http://www.jordachecorporate.com/201...sorts_main.php
http://www.orchidhotels.co.il/en/ http://www.jordache.co.il/

in miami, same owner owns at least these if not others >

940 (960) ocean dr - breakwater hotel - acquired may 2008

these are adjacent (redevelopment potential??) >
1052 & 1060 ocean dr - northern 2 (of 4) addresses of strand condos / congress condohotel - acquired nov 2012
1116 ocean dr - versace hotel - acquired debt for $15mm in dec 2011, acquired property for $41.5mm sep 2013
1144 ocean dr - victor hotel - thompson hotels - acquired jul 2011 by acquiring debt then foreclosing
[there are two buildings they dont own between victor hotel and ocean hotel]
1230 (1236) ocean dr - ocean hotel - acquired oct 2005

1435 collins ave - henrosa hotel - "Undergoing Renovations." - acquired nov 2007
1444 drexel ave - barcelona hotel - closed? part of 405 ESPANOLA WAY

number of units in the condo buildings - 17 at 1060, 22 at 1052, 19 at 1036, 28 at 1024
may not own commercial units @ strand condos / congress condohotel http://fortcapital.com/portfolio/6/t...on-ocean-drive

hmm http://www.bloomberg.com/news/2013-1...ankruptcy.html
The buyer, VM South Beach LLC, had acquired a $34.5 million secured claim and paid most of the purchase price by surrendering the mortgage debt. VM includes the Nakash family, which owns the Hotel Victor next door.

Last edited by Kagehitokiri; Jan 29, 14 at 2:46 am
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Old Sep 18, 13, 4:25 pm
  #3  
 
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Originally Posted by MSPeconomist View Post
The Versace Mansion, which operated as a boutique hotel apparently until May 31 of this year, has been sold at auction. The new owner, from Jordache jeans, also operates the Victor Hotel next door and plans to operate the Versace Mansion as a boutique hotel also.

One of the other bidders was the son (Eric) of Donald Trump. IIRC the young Trump and his partner bid $40 million and wanted to make it into a club associated with their polo/golf club while the winning bid was $41.5 million. The original asking price was $75 million, which was lowered at least once before putting the property on the auction block.
The first asking price for Casa Casuarina, when listed officially (and through pocket listings) was $125 million. They got it for a third of the price through auction
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